Wednesday, May 2, 2012

Higher Timeframe Bottoms:

Today started weak and my mistake was not checking the higher timeframe.   IWM bottom was not random -- it was 2 cents off the 20 day MA, and it also was a few cents from the lows from 5 days ago (in IWM) -- so not surprisingly,  /tf bounced hard and strong.

 However, Market Signals were weak and there were two great opportunities to get short safely -- both required waiting for a triple top to form.  This made more sense since the signals were terrible but the market likes move and fill gaps.

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