Wednesday, January 13, 2010














-Today was a gap fill day, from Monday's drop ,see 1hr chart. Perfect fill.
- It worked as a magnet all day long..
- I have to be honest i missed the entire day today except for a couple scalps later in the evening.
-If i were to play it,it would look like the 5 min set up above.
- buy to fade an extreme down tick (red dot) or wait for the declining trend-line break and buy a VWAP breakout @ 1132.5.
- help for the trade would have come from the emas, 10>20>50 , and/or the ascending trend-line as a stop area.
- also notice the falling wedge towards the close..
- my targets are potential resistance area to pay attention to i.e target 1 (day pivot), target2 (previous days high), target 3 ( resitance R1)

Hope that helps.. Great day to trade though.

Note:
-The 1 hr could go either way, double top potential formation,unless we breakout to new highs. - - There's this long falling wedge that could trigger a correction down the road.
- Thus a close below today's low @1129, could give life to a correction..

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