Thursday, January 21, 2010













- The lower high scenerio on the daily and 1 hr charts played out breaking the 1130 mega support.
- I was not available to take the trade, whic obviously could have been huge. Anyway, between missing a trade and losing money, i'll take the former, any day.
- I however saw an opportunity to back test the S1 from S2 when a divergence presented itself. see 5 min chart. Being the only trade i took for a day trade, i ended up flat. I thought i hold through my target 1 which failed miseably.

Tally:
No gain..

notes:
- ES is at the 50 ema, which might give support for a back test of the falling wedge on the daily or the 20 ema.. We'll see how that plays out.
- The plunge though had the huge volume and closed at lows. Goog sell off as well. So tomorrow might be a gap down day, then an opportunity to get back in for some retests. I'll be watching for that. Fridays can also be tricky after a big move, ending with no much conviction on either side.

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