Friday, February 13, 2009

YM- Just Before 10:00ET

I remember Toni Hansen, a brilliant technical analyst who first taught me the momentum reversal strategy, saying that it's a good idea to do your market musing (keeping your charts, studying etc) just before market open to put you in the right frame of keep yourself in rhythm with the market. Well that's what I was doing when I noticed the YM making a somewhat steep momo into 10:00ET. Pivot support on the 30min was accompanied by the short term potential for upside with the rounding off of the last few days at lows. Caught the lows within 2 ticks with a 7846 entry (stop 7840-although I didn't keep it on the books, had my order ready).

Got out at the blue line, 7875, because the overall pattern was fairly steep so took profits aggresively at first sign of resistance rather than try and trail up. Often times you'll get a bad fill if the market turns quickly...sell into strength.

No comments: