Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Wednesday, April 7, 2010

Follow up

Yesterday, this was my concern. A pull back, at my target, was a break of that Pervious High from Thursday before last. See it on the above daily

And it means we managed a "Reversal Pattern" today. So that level is what to watch. And it is a good looking Wave 4 into a 5. Tony and I traded it roughly perfectly today. I would expect for it to continue to be bearish, BUT we need to go down and test the uptrend line. Shown in white With Green Arrows. The market did set a very nice "Trap" for the bears, at that level.

Regardless, it really looks like the trade of last resort doesn't it?

we will see.... it seems like there is time for us to get some follow through.... See another Bar!

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