Saturday, January 31, 2009

End of month trade

Up for the month, down for the week (first in awhile)...but up for the day! ABT saved the day after taking three losers in a row, one of which was BNI. Took a long at the whole number ($66.02) @ 10:30ET. Flushed me out before providing a small scalpable move off of dodgy support.

Then there's the type of setup I should always wait for, ABT. From the top down: slowing daily into downsloping trendline and Oct/Nov 08 congestion resistance, the slowdown on the daily can be seen as three slightly higher highs on the 5min with the pattern occuring at high three. Final wick that completes both the intraday and the 5min pattern occurs just around 15:15ET correction period. Exited between 55.50 and 55.40 as I was watching the support zone of yesterday afternoon's, and this morning's, highs. The ES was also finishing a three wave move and was holding this support (eventually failed after congesting there for a bit).

Let's see what february brings!

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