Tuesday, April 3, 2012

Tues: FOMC

Today I was correct to try to short /cl - it dipped fast then recovered all of it -- and that was a good way to lose a lot of money - -eventually a triple top formed.  Oh -- the pattern -- over and over again it repeats -you merely have to find it.

Today I  put in fib lines and thought 50%  would retrace and indeed -- it went below and hit it -- 16 ticks further and climbed right back up.  So fibs is an interesting tool to add to the pattern -- to help with targets.

Today was clearly choppy from the start and /tf  whipped around and then spiked in the morning but this formed -- yes -- a triple top and that indeed was the high of the day.  So once again -- it was fast -- but these patterns are very good entries.  The rest of the day was a mess.

So 2 good charts to consider --

In general. My swing trades must be focused solely on strong stocks.  There is no other way to make money.  

No comments: