Wednesday, February 24, 2010

SPY - Cradle trade once again

This is yesterday's trade. Another cradle trade. Price broke 20 & 50 EMA the previous afternoon and yesterday it opened at PDL and below the EMA's on 5 min. Tried to rally, found resistance at cradle confluence and formed bearish candles. Shorted there and the consumer confidence report at 10 am brought in nice selling.

This is today's trade. Shorted above PDL. Took partial on the way and covered when price broke above S1.

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