Jun 022012
 

Today my plan was:

My plan: I can only trade the first hour so I’m a bit stumped here. We have news 30 min after the open. So i might not even take a trade. But here’s my thoughts: if ONL is resistance get short for 76 area. If 86 is support get long for 92. Avoid trading between 80-86. The market is looking extremely weak. We may see a short squeeze or we could see selling to hedge ahead of the weekend and the rumored greek exit. So I will not fade the way the market goes, I just want to go with it. I expect sellers at resistance levels so want to be cautious with longs and not get greedy.

 

I wrote that before the open and I didn’t expect the bullish scenario to play out before the open.  So that threw me off a bit.  I saw 86 as support but I didn’t want to take it just before the open.

I had 92 as a key resistance level so when that held, I got short.  My stop was 3 pts so I did 1 contract and planned to add the second if we retested 92.  It dropped down and bounced and then continued down and I got a rare “OSOK” (One Shot One Kill) 4 pt trade.

After that I had activities with the kids and was finished.

 

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