Thursday, October 13, 2011


The market seems to have started the correction so we just need to see how low this will go. There is however a slim chance for the market to put in another bull leg and reverse ONLY IF the market continues to trade over 1203 for over couple of hours. This is part of the FTA system I am testing, so we'll see how it works out. But as for now, I see the market resuming a bearish wave to Fib area and to test the Trend Average. Once there, I'll be looking at the FTA for clues as to how to position trades. As of now, I continue to be short at 1183 and have sold some of my longs as well. The key to maximizing the TA system will be in finding an FTA that works well in conjunction with the trend. As it is, the system works very well trading it mechanically but I think it could be improved by adding a second solid measure and take out the guessing that comes with traditional Technical and Wave analysis.

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