Thursday, November 1, 2012

thurs notes:

/tf -- topped out 10:30 - THEN took 2 hours -- created a triple top.   Entry on first break below 99 MA was good for 50 ticks.

3 bumps - - distribution formation before the selloffs.

/tf bottomed 13:24 - still has not been an hour -- still under 99 MA -- there's no long trade here.

/tf - bounce thru 99 MA and rejected -- as I suspected.  Although may keep running... but we're in a chop mode.  No major sup/res. area here around 821. 

-- /tf ripped back to close near highs -- Market Signals were Trend Up. 

Have to be willing to respect trend days. 

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