Wednesday, November 11, 2009

Pre-Opening Game Plan

Breakout overnight from an NR24 on Veterans Day.

There is two ways to enter Long . Sometimes the price acton will reverse after the open at the BUY Zone or below it.

The Buy Rules : as long as price is not more than 2 points below the Green MA and there is a buy setup then the Long entry is executed.

If there is no buy setup then the Entry Trigger is at the break of the Green MA if the price is below it with a stop loss of only one point. In other words when price goes through the Green MA it will fill the BUY STOP Order and wil continue up without any retrace.

There is another factor to consider and that is the fact that this is trading very close to a Weekly Resistance at 1103 so the first exit should be at least at that level and the Daily RSI ( 2) is at 99

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