SPI Trading 14th February 2008 part 5

15:10

SPI pushing upwards into the close with any potential rise upwards from today can take price towards the 5-day highs @ 5710.....

However I haven't traded since my last trade because of the potential of higher moves into the close, so i'm not going to short the SPI.

And I couldn't go long because it didn't swing back down to complete the R44 range and Spiral low....

What I wanted to happened was a Sell down from previous R44 highs into an R44 low and then trade longs upwards into the close. (less Risk)

My entry was 5602, but 5606 was the low before moving higher.....

Recap:- Today was following my expectation but price action was choppy, and what I simply did was trade my levels and take chunks out of the ATR.

Today ended up much better than yesterday, simply because I got out at my exit level, whereas yesterday didn't follow through on the first trade.

And even though I have a certain view on the daily direction, if it doesn't align with a 'spiral-point' and timeframe level, then I won't trade again....

Note: Buyers came into the market again around 14:36