Public blog posts only as education and entertainment. private membership market updates reflect my view and analysis of the market. The information contained on this website and from any communication related to the author’s blog and charts is for information purposes only. The chart analysis and the market comments do not hold out as providing any financial, legal, investment, or other advice. In addition, no suggestion or advice is offered regarding the nature, profitability, suitability, sustainability of any particular trading practice or investment strategy. The materials on this website do not constitute offer or advice and you should not rely on the information here to make or refrain from making any decision or take or refrain from taking any action. It is up to the visitors to make their own decisions, or to consult with a registered professional financial advisor. And i absolutely discourage trading options.
Wednesday, September 1, 2010
trend & short term play
this is not a trading advice, always do your own dd. for entertainment purpose only!
tomorrow's day trade fun plan, from the mirror image of Aug 12's. if there is a strong gap up, it could try to close the gap. sell shortly after the open could be a higher reward risk ratio play. could buy back when it's near tomorrow's gap (might not close). it should not close near the high like today. even if it close at the high(exhausted), should come back to the openning sell level in the next 2 days.
if it's a gap down, it could try to retrace 50% of 1181 and 1040 to around 1060.
if swing for longer period of time, higher price should come later because today is a strong trend changer confimation with breakaway gap. AND it just started off on the MT cycle turn date, should not last only one day for the cycle. there are other ST cycles to be pay attention to.
there are ST overbought condition needs to burn off, probably sideway whipsaw tomorrow to end with slightly down.