Thursday, August 28, 2008

Trend day

I wanted to post the chart above last night. Unfortunately, I passed out after a good dose of Flu medicine. Thanks to my kids daycare we get it from time to time. Thats a part of parenthood. Lots of ginger water, citrus and coffee and a wait out period.

Trend day so far. Open way above value and range (big gap open). And support to the bottom of open range. Notice the 4 point IB. These days are dangerous on the wrong side. We still have some shorts caught. The afternoon may bring further range extendsion if we can hold the 92 level. I put in an order long at 1289 after the E period low. At the same time I noticed a large block trade at ask. Never came to my bid again. I hope some of you caught that. That was the trade of the day to scale out the rest of the day. Good trading. Whatever u do. Never, never try fade the expanding edge of a trend day. The day looks dull on the surface. But days like this has a potential to explode. Did I say never fade this kind of day? I would rather be wrong than hanging upside down.

No comments: