Wednesday, July 10, 2013

July 10. Wed

FOMC at 2 pm -- so  get an early lunch.

europe weak o/n

China up  on extremely weak trade data.

/cl almost 105....

huge IBD names pushing yesterday.


PERI gapping up after heavy vol. yesterday.

a lot of weak stuff jumped ystdy -- xhb, cat, de --  cf, mos... are these buys?  Easy to get sucked into buying strong moves off weak charts.    don't.

$namo - 45   again... not much room for error -- in a squeeze.

symmetrical triple touches -- these nearly always form before a clear trend... could be same direction or could be a reversal.  Depends on context but this is the main entry that provides an edge.

11:28 --  double bottom with 5 am low -- rangebound strategy is on -- had to be willing to take the lows -- knowing signals were weak but not heavy -- bounced 25 ticks with no heat on the db pattern that is so common on Fed days -- no conviction so take the test area.

now we're back to yesterday's close / value  = nothing to do near noon time -- chop and drop but no big moves.

Range day

Only trades that paid well were double tops and bottoms -- there were THREE good trades.

Rangebound --

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