Thursday, March 19, 2009

March 19, 2009 Thursday Trade 8 Short 2 Contracts

I kept fishing for the bear flag breakdown to go for the days lows or beyond. Hint: short the upper edge of a bear flag when overlapping/strong resistance levels are encountered with your oscillators overbought. If you short the lower edge for breakdowns you are likely to get trapped short. This is the third time I think I tried to catch the bear flag move, did get a nice piece but could not trail all the way to the lows even though it looks like price is headed there now.

Trade 8 (Short 2 Contracts +1.75, +3.25 points):
Trade 8 Screenshot