Monday, August 25, 2008

Where we are

Price has found a lower distribution and interest at the weekly POC. No surpise (this is where responsive buyers stepped in from the the other timeframe) .
It has spent 3 hours at this level. Now we do have a delta divergence from the first attempt at 9:30 PST. Indicating a possibility for a bounce to cover. Not the greatest risk reward though since our value today is way down there. Hats off to the sellers. If do we break we have the 63-64 area as the next level which could be an entry.

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