Tuesday, March 08, 2011

Trades 3/7

Premature shorts. Turning in really early so that I can make it for very early breakfast with Sea, who wakes up at the most ungodly hours every day.

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No notes today, but will make an effort to put up something tomorrow for my own review. Very briefly, I kept selling because of 2 breached inside channel/wedge trendlines, a strong 9am bear, a previous session high that didn't seem to be holding as support (at least for now), and price broke below 30min OR right after it's formed (and I was trying to short a failed TL breakout pullback on a second entry setup (if you're confused, you've not read Brooks)).

Anyway, the plan (if i didn't have to go to bed like NOW) was to sell a test of 9am/30min high/ today's day high. Pivot (way below) has not been tested, and so far no strong bull has appeared near previous session high to stop any late day bear attempt to short price all the way down to NEAR pivot (a common monday pattern) - and completing a 3 push-down pattern for the day.

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