Thursday, March 21, 2013

Mar 21

pullback day

/ym -- through yesterday low, PUke candle -- 30tick swing - best trade of the day in retrospect.

AWAY -   fresh high b/o
IMOS -- strong.

XHB worst sector

GG and gld -- almost breaking out  - strong
GDX above 20 day

/ym 14383 -- that was a 50% retrace intraday   -- 50 tick move -- in 100 tick range.

The correct action was to wait for yesterday low's to touch -- then recognize Puke Candle was stop orders -- take a responsive entry with stop at lows -- then you trail the stop up slowly -- as internals improve - you target the opening print -- and exit.   and the day is OVER at 11:40 for 60 t, no heat.

That was the play.  It happens all the time.

/tf and /es did not sink as low -- so recognize which market is at a key support area.

IYT  below 20 day MA daily --   new lows

AD -800
UD -145

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