Update (3):
The trade is re-entered at 1851.25 on the lower low with divergence. Stop at 1847.25, trade is now free with +4 in the bank. Oil loses 141. QQQQ went down to 45.26, still acceptable, but NQ can't get sold hard on the next move up to 1853.25.
If we do lose 1849 again, there is a flip to short down to 1842, with a possible drop to 1839, close to QQQQ 45 and another buy. SMH has support at 29.41 if we lose the curent lows at 29.51, but my bet is we are done on the downside. But price is price and be disciplined with stops.
The trade is re-entered at 1851.25 on the lower low with divergence. Stop at 1847.25, trade is now free with +4 in the bank. Oil loses 141. QQQQ went down to 45.26, still acceptable, but NQ can't get sold hard on the next move up to 1853.25.
If we do lose 1849 again, there is a flip to short down to 1842, with a possible drop to 1839, close to QQQQ 45 and another buy. SMH has support at 29.41 if we lose the curent lows at 29.51, but my bet is we are done on the downside. But price is price and be disciplined with stops.
This entry was posted
on Friday, June 27, 2008 at 6/27/2008 11:04:00 AM.
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