The 8:30 AM open was 2168.25, and the first move was a rally to 2178.50. This reinforced my conviction about the short as it made the market look all the more like a TTT Sell Short day.
This initial rally failed as the market was unable to push above the overnight high of 2180.50. By 9 AM it moved below Wednesday’s low, triggering our short sale. Our initial stop loss could go in the 2174 area, roughly the midpoint between the day session high and our entry.
The ensuing selloff was strong, as anticipated, making a session low of 2147.75 by 9:35. A double bottom made around 10:10 was a signal to cover shorts as bargain hunters stepped in (for now.) If you wanted to look for a second trade, you could look to re short if the 21477.75 double bottom was broken.
Posts
No comments:
Post a Comment