I was also watching the S&P as it was trading between a consolidation channel between 855 and 860. It could have been a long above the break of 860 which it did but I am so cautious and have been caught out by these sort of trades many times so I thought that perhaps I may enter on a pullback. The market looks like it is make a pullback now but the relative lack of strength when the price action went above 860 looked rather weak.. however, saying that now, it would probably shoot up...
I
April 28, 2009
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Another winning trade today...
I saw momentum towards the downside had dwindled and the market looked like it would make some movement upwards. I went long at 14622 with a stop at 14585 and a target of 14660.
Soon after my trade, the market went south and I was beginning to think it could go wrong and move towards the first support area at 14600 and if this failed, the 14575 level. My stop was at 14585 as I didn't want to take the loss or risk below the 14600 line.
My target was 146
April 28, 2009
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