If you're short, I'm the sucker going long....: BBT

Monday, February 23, 2009

Tony is looking at BBT tomorrow, I figured I'd throw out some trend lines for him and some FIB.

Tony said...: Thanks for the trendlines. Where's the Fib?

I see that it's getting overbought in the short term. Looking for a low volume pullback to enter (but I'm not real excited.); February 23, 2009 at 8:45 AM
Eric said...: it is there, just light.. just FIB. from the high to low.

hmmm, I am thinking we may get a gap fade, but...

Look for the downleg(5min time scale), wait for the trend to be broken. and set a stop.; February 23, 2009 at 8:58 AM
Tony said...: I see it thanks. The 38.2% is right at the resistance levels I drew.; February 23, 2009 at 9:15 AM
Eric said...: Hopefully what, as you get used to working with trendlines is that, when you get horizontal and trendline support to match up... you will get an inflection point.

Maybe, then you will start to see how the market moves 2 dimensionally, within a linear regression. which makes it easier to trade.; February 23, 2009 at 9:27 AM
Tony said...: WFC nice move....; February 23, 2009 at 9:58 AM