Rhody Trader

The way things played out today was a bit of a pain. The market opened in the middle 1290s, which put it in a kind of no man’s land. Above that was the 1309-10 area where a couple of key levels fell in, with 1316 being Thursday’s point of control. Below the market was the 1287 level, which was right above the area of price rejection from Jan 22nd, while 1272 was the bottom unrejected level from Jan 23rd. Right about where the market opened was the 1295 point of control from Jan 23.

You’ll notice I split Friday’s distribution. I orginally sold the approach to 1310 in expectation of a failure, but got stopped. Then the market didn’t quite reach the 1316 level where I would have sold again, so I missed that entry. If you look at V, W, X periods you’ll see the development of a kind of trend day down build, which encouraged me to do a go-with sell at 1300. The market did get held up at that 1295 level for a spell, but eventually broke free to penetrate the 1287, though it couldn’t hold those lower levels and got pulled back up to the 1295 area again.

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