Wednesday, May 9, 2012

/tf: small patterns within the range

/tf provides small patterns for nice rips

Once again market gapped down.

Key to today was -- checking your key levels.  And the most important levels of the day are often yesterdays lows and highs.

Today /tf really gave a nice lesson in technical levels.   It dipped to yesterday's low -- TO THE TICK -- then ran all the way up to fill the gap down from the overnight high.

 In between, you could have safely entered at least twice.  A third triple bottom was dubious -- but it also worked out if you took it.

 Once the market hit lows, stocks like AAPL were suggesting a bounce.

Again, moving out to a higher timeframe -- using 15 min. candles -- the /tf kept hitting this key trendline -- the last high around 790 tagged this well defined channel.  So it was clear where resistance was.

 Once again, fear and news provides opportunity... the system provides the profits.

/cl triple tops before plunge past overnight lows

There was also this gem of a set up in the premarket.

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