Wednesday 27 August 2008

ES2008082601

Entered trade when px retrace 50%, 3BR like. Expected px to move down swiftly, exited trade when that didn't happen, which end up to be a correct move.
Another reason for entering the trade was last higher low breaking the upward trendline. Looking back these trendline has varied results. Horizontal lines indicating support/resistance provide better view of the market.
V10000 chart gives a different picture, my entry was in the battle zone, it did break down but not significate, infact, it's low was a flip of 3:50 of earlier day. Px eventually rised to congestion area of previous trading day and turn there. These S/R lines are real good for target.