Rhody Trader

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Today was a day that required a fair amount of calm and patience. As the early part was very slow moving.

The critical initial level of interest was yesterday’s point of control at 1336.  The next really meaningful one was 1314, last Friday’s point of control. I’ve also included a line at 1323, which was where there was an area of low value formed during last Friday’s afternoon rally.

As you can see, the market opened lower, but did rally up to Thursday’s point of control to provide a good short entry. As has been the case a few times this week, the market then formed a low during C period, after which the market went sideways for some time in a tight balancing area. Eventually, it did break down. There was a stall around the 1323 area where some profits could have been taken. The really money, though, was in waiting for that 1314 level to get approached, which eventually happened.

Trackback URI | Comments RSS