13:05 RECAPThis morning I wanted to trade Longs on Open, because of the view that the market was heading back into the 5-day 50% level or a move upwards of 44 points..
If the market opened below 5583, then the best entry was for the market to move 22-points down before trading longs....
Now so far during the trading day the market has moved into a consolidation phase, but look at all the moves within the current day:- each move is based on precise 22 point moves.
Because I have a view of the market coming down into an R44 low before it can provide a better long trade, I've just simply use a 6 point reversal around the highs today.
Entry S 5570 exit 5555 (+15)
entry S 5572 exit 5558 (+14)
Entry S 5570 exit 5559 (+11)
Even the R22 lows are swinging around, and using the same R6 reversal I could have traded longs, but the view of moving down 44 points has stopped me taking longs...
At This stage I still don't know what the market will do this afternoon but the market on Friday is being heavily influenced by 22 points moves today.....
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