Monday, August 22, 2011

Descending Triangle Targets 1101

The market rallied again hard at the open only to be reversed the rest of the day. Also, there is now a Descending Triangle targeting 1101 and we should see that play out as soon as tomorrow morning. However, there are times (about 36%) where these DT break out to the upside, so tomorrow should be a good day for day traders either way. There should be yet another rally coming soon that will actually make it to the Fib retracement territory and meet the TA starting this week. Big question of course is where is the low for this particular wave and like I said last week 1101 better hold otherwise we are heading lower.

I sold my position taken on Friday and day traded couple of times today. I was able to improve my trapped position about 16 points so a bit over 1%. I am cash on that portion and hoping to replicate some of the profits today tomorrow, my current goal is to bring my cost average on that to the 200 day ma which should be tested at some point in Sept.

No comments:

Post a Comment