Monday, March 16, 2009

Monday First Trade

Was just looking to buy some sort of pullback after the open (mindful that we have a gap-up and possible fill potential which is a negative strike against any longs). I saw a nice reversal off of the 233 tick downchannel's lower channel line, oversold stochastics hooking up and a huge tail on the 3 minute hammer as well as the bid/ask volume showing buyers taking control on the 233 tick. I got my first target and tried to trail beyond the highs for a possible runner. The reason for my bullish bias is just that the overnight Asian and European markets all had a nice rally. Now there is a trading range forming so am waiting.
Trade #1 Charts and Analysis below:
Trade 1 Screenshot