Monday, June 22, 2009

Fly Away, Channel Break or Fake out (Or really just a desperation cover?)

On the minute bar it looks like a cup with handle....arghhh! if you are short, time to close, but wait, the other screen is showing the same action on a 144 tick aggregation. Hmmm.
The 144 tick below just look like a wave headed down. But longer we stay outside the channel the worse it is, so better not run out for dinner. If you set a stop a point or two away...almost guaranteed the market will run your stop than return to where it wants to be.

Same trade as prior post, maybe an hour later.

Channel line was broken....

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Insightful and Useful Comment!