Tuesday, March 17, 2009

YM- 15:43ET

Nice execution enabled this trade to be a technical, albeit small, money-maker even though the pattern failed.

Although going into the zone of the three-wave trend exhaustion, along with the congestion circled in blue on the 60min chart, the price was always going to want to test the highs more solidly. This would likely create a slightly higher high which would bring it solidly into the downsloping trendchannel line beginning 5th of Jan. So it didn't get far before turning higher to test that area....

Nevertheless, managed to get 6 points out of it.

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