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Wednesday, January 25, 2006

Wednesday's charts

I had some technical issues this morning, so I traded light today. I took a short in EPEX on a break of the second bar low. I was apprehensive about the tail/wick on the first candle, as I perceived that move off the low as somewhat bullish. And, I was prepared to exit if price found support at that opening range (OR) low*.

EPEX proceeded to fall after my entry, and hit my target of the Fibonacci extension before Noon.

If anyone had a great trade today, email me and I might highlight it later tonight. If I have no further technical issues, normal trading and posting will resume Thursday.

*as with any entry below/above a previous high/low (in the case of my charts, the opening range (OR) high/low), you need to watch for resistance/support as price approaches those levels. If it stalls, you want to exit. If it breaks through, the odds are good you will have a move to the corresponding Fibonacci extension.

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