Saturday, September 18, 2010

Opt.Exp Friday Price Action Review

There is a high probability of a market trend reversal after this Opt. Exp and FED Day on next Tuesday. Also Sept 26 is a Cycle Turn Date ( Larry Williams ) But at a much higher price after the short squeeze is over.There is a heavy accumulation of stops above a key institutional level.
New Swing SHORT Position :
SOLD 1132.50 ( R- 1 )
Target to be determine later in the week.
Daily Bearish Pin Bar failed to close above key Monthly 1130 level.
Bearish 4Hr - MACD Divergence
Daily RSI ( 2 ) Overbought Reading : 99
Monday Sept 20 :
Update on Swing Position : Exit STOP Filled for 10 pts profits
Reason for Exit: Price Action during the Globex session and other clues.
Long from 1124

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