Saturday, July 4, 2009
June 2 Trades
Early in the morning, APOL tagged the 5 day EMA and bounced off from it and rallied to touch the sloping 20 and 50 EMA. Price stalled there and looked good for a short. The only problem was price was above PDL and that could provide support. Odds favoring low prices were - resistance from the EMAs, ORH, and from 6/20 high and bearish looking candlesticks. Entered short and exited when price formed a green hammer like candle. Entered again 1 bar later and exited where shown.
Also traded SPY in the afternoon for a scalp when it broke down from the base it formed throughout the day. Shorted again when price rallied to the support now turned resistance and 20 EMA where it formed a doji.
Labels:
resistance
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