Mar 06 2008
Today’s Trading Look-Back – March 06, 2008
Today my two primary bracket lines were pretty easy to pick out. One the upside (the market was going to open in the middle 1320s) was the 1328-1330 area which represented respectively the point above which prices were rejected on Tuesday, the peak of Wednesday’s lower value zone, and the point of control from Monday. To the downside the 1309/10 area was the important one as it represented the point at which the sell-off failed on Tuesda, the point of control from way back on January 22nd, and the breakout point for January 23rd. In between was also Tuesday’s point of control at 1316.
The market provided a great entry almost right away by rallying up into the upper bracket area. From there it went almost straight down to that 1316 mark, and eventually through the whole of Tuesday’s main value area down to 1313. After bouncing around a bit and creating it eventually did hit 1310, bounce back up to that point of control at 1316 to provide a nice short entry, then roll right back over to make new lows.
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