Monday, August 8, 2011

Watch for Double Bottom Reversal

A great trade set with a good risk/reward is betting on a double bottom tomorrow. In looking at the E-Minis the market has held at 1163, so tomorrow the market might test the 1168 low from Friday and if that holds we will probably see a counter rally from there. I am planning to buy as close as possible to 1168 and use the previous bottom - 2 points as the stop.

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