Here is a 5 minute chart of the past two day sessions in the e-minis. I am still long two units because I was very confident that support at the purple dotted line would hold. In the event this support level failed and now I have to play defense. My plan B is that today's range will be as large as yesterday's (blue rectangles). If so the market is getting near today's ultimate low point. I plan to sell part or all of my position on a rally back near the purple dotted line.
Thursday, February 19, 2009
Plan B
Here is a 5 minute chart of the past two day sessions in the e-minis. I am still long two units because I was very confident that support at the purple dotted line would hold. In the event this support level failed and now I have to play defense. My plan B is that today's range will be as large as yesterday's (blue rectangles). If so the market is getting near today's ultimate low point. I plan to sell part or all of my position on a rally back near the purple dotted line.
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5 comments:
These "plan B" posts are very instructive. Thank you!
Good luck with your position.
Re you going with Plan B or hoping for a rebound to say 795!!!
We are already at 785.
If the Dow fails to break that support level AGAIN, I think we could have a short covering rally tomorrow. Nothing major, but enough to shake out some the weaker shorts on a Friday.
1R @ 794.25
Pivot point @ 786
1S @ 777.50
I agree with Carl,huge positive intraday divergence with indicators.However I think euro will move above 12750 and rally much higher. Regards
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