10:58SPI:- what looked like an ideal long trade this morning has ended up a choppy trading daywithout a clear direction (trading either side fo the 5-day 50% level.
Yesterday I mentioned about an R44 'hook' bar, and this is what has occured today.
A 'hook' Bar can just continue upwards all day, or hopefully come back 22 points re-testing the same support levels before continuing higher...
I took a 1 lot long at the top because of market rotation. The Reason for the long was because it was consolidating above the R44 high @ 5601, and because of the possbility of not coming back...
Entry long 5602 (stop 5994 R11 Trio)
Exit @ 5617
My next trade is going to be around trading support once again.....
Three possible outcomes--
1. the market doesn't come back down and just continues higher breaking 6533
2. hopefully re-tests support for better Longs trades and hold into close. (another R44 spiral bottom and support)
3. it rotates around 44 points all day closing down...
My next Long trade will be my last trade for today....
IF the earlier longs continued upwards, I would have held until the EOD (5-day highs)
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