Tuesday, April 14, 2009

April 13, 2009 Monday Trade 8 Short 2 Contracts

Since the price was drifting up without being able to make new highs and some 10 minute candle tails showed rejection of resistance I tried another short here. The first target was hit but the trail stop was hit on the second contract. Here the price action was very strange, I got filled on the very low tick of the first down wave, but immediately the upper edge of the bull flag (a 60 minute flag) found support and the price ramped up to make new highs.

Trade 8 (Short 2 Contracts +2 -.75 points):
Trade 8 Screenshot