Friday, July 15, 2011

July 14 trades - GLD, TZOO



TZOO formed NRB's on daily and looked ready for a breakout. It gapped up a little, then price moved down to the rising EMA. Entered long on strong bar off the EMA on 5 min. chart. This Strong volume came in and took partial at R2 and decided to hold the remaining for a further move up based on volume but then decided to sell the remaining. Glad I did that. It failed at R2 and reversed badly.

Gold was a little extended on the daily. Shorted when price formed a bearish candle at R2. Covered partial near 20 ema and remaining at daily pivot.

No comments: