Thursday, June 23, 2005
6/23/05 not there yet
Well, this last week has been a disaster! No good. Several things we are going to do to change this: 1 Stop trading large (simple right?). Have a solid plan before trading.... Also simple. I've been trading from the hip and without a solid plan. So here is my plan for the day.
Support and Resistance is 1216/1225. Below that it has been 1212. Above... well I'm not sure it really matters but 1230 and then 1236 or so. Not many to look at on the high side. We've been in a consolidation zone for several day now. It has been bouncing between 1218/1220 on a very regular basis. 1220 is very solid for 4 days now. My guess is something is going to give.
The plan is to trade off of the 1216/1225 SR levels and if they are broken then I will reverse my fade trades and trade with the trend.
Trader X
Support and Resistance is 1216/1225. Below that it has been 1212. Above... well I'm not sure it really matters but 1230 and then 1236 or so. Not many to look at on the high side. We've been in a consolidation zone for several day now. It has been bouncing between 1218/1220 on a very regular basis. 1220 is very solid for 4 days now. My guess is something is going to give.
The plan is to trade off of the 1216/1225 SR levels and if they are broken then I will reverse my fade trades and trade with the trend.
Trader X
