Saturday, November 7, 2009

Early trade opportunity


Early test of the over night high gave us an opportunity with a "pump fake". A second test of the high a few minutes later gave us another chance with a confirming engulfing bar. Tick and volume offered little help but I think we had enough to take the risk.
Now, where to get out? A small volume spike at the AOP (4567) would keep our finger close to the exit button. If we could hold through that, the volume and tick spikes near PrevDay high (4557) would be reason enough to exit.

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