I would love your feedback on what i've decided to do here. Your openions and comments are appreciated!
Thursday, April 15, 2010
Change in plans. On Exit now of short position, just when do I exit it?
Ok, for the last week have have been posting charts on the daily. You can see the live chart to the link of my public charts to the right. Well, today broke my definition of a "bearish divergence". I went to the 30 and 60 minute chart and they both look extremely bearish to me. With my real trade I think i'm going to keep a close eye on the 30/60 charts and will exit out of my short position with least amount of damage I can at this point. I expect a drop in all 3 charts, yet without the confimation of bearish divergence on the daily I expect that we will get a correction here and then continue bearish divergence from the last high today from the daily moving up to the 1230~ish range if the we have convincing breaks in trends. Here is a look at the 30 minute chart and a trade set-up for RSI you can find here "Swing Failure" 60 minute chart below that. If you look at the RSI on the 60 minute. I consider that an safe exit point now unless I do not see bullish divergence anywhere when we are near that area on RSI.
I would love your feedback on what i've decided to do here. Your openions and comments are appreciated!
I would love your feedback on what i've decided to do here. Your openions and comments are appreciated!
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great work... and definitely interesting and trying times we live in... now if only this market would give a little back to the bears once in a while!
ReplyDeletethe feel of this market is that of a blow off top... you can almost 'feel' a top with the enthusiasm and the lack of respect for bears, EWs, and the like...
ReplyDeleteI'm so glad I didn't sell yesterday. I'm glad I took a step back to figure out what to do without being hasty :) I would of shot myself today if I sold yesterday...lol
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