11:35SPI opened below 5608 and has pushed down into the 3-day lows @ 5553:- that was the price pattern today on open below 5608, however I didn't think price would fail below 5553....
Not a good sign to be trading below 5553 and the 3-day lows on Friday, however there is always the view of 14:36 buying and rotation back upwards into the close...
For me to trade shorts, which often provides a robust entry would have been a 22 point reversal UP and then trade down... once again there wasn't any 'short-setups' to trade down even under 5608.
The best entry would have been a 22 points rise back up into 5608 and then trade the move down, which often occurs, except the past two days.
.1 Entry L 5579 (22 point down move) looking for a fade back up into 5608, market moves up 11 points and then moves down stopped 5575 -5
2. Entry L 5562 (R44 spiral low) exit 5572 +10 stopped breakeven 62
3. Entry long 5554 stopped 5537 -7
4 Entry long 5539 partial exit 47 +6 stopped 5538 -1
5. Entry Long 5532 (R44 spiral low) Exit 48 +16
The r44 lows have been the levels where most buying has come into the market, most of my other trades have been using level in the market which has provided support but hasn't had the follow through....
At this stage of the day i'll sit it out until the afternoon.
Posts
