Monday, July 29, 2013

July 29 Mon.

/tf -.24

weak start.

up: fb, ddd, fslr, irbt

weak: CYOU, SOHU --  HTZ, sbux, aig,

/tf - wedge at 9:25

Fri  low 40t away.

9:44 -- gap fill  fri. close touch.

adrl -247 tho.

5/34 xover -- drop below 10 min OR -- and smooth sailing for major trend down

Market Signals were giving it away.

High of day was simply a gap fill just past Fri close.    classic double top.

ad  -1400 - -major instit. selling.   No need to fight it intraday until patterns develop.

11:35 - euro closed.

3rd touch on 10tick chart -- was  just 3 minutes after low of day touched /tf -- then 30tick bounce.

/tf-- retrace 50% of today's top to bottom -- dropped to 2nd support (Thurs low) -- tl break, triple touch  - and slow roller to 50% fib.

short /tf   triple top  + TL break +  ad -752 and trending lower.  <--- -="" good="" p="" this="" was="" yep="">
We're under 10 min OR -- with weak internals -- have to follow trend.

3rd touch after major support/resistance areas -- pay big today.

+put in Fib retrace lines after 1% move or more...    captures the bounce.

Once again -- afternoon provided virtually nothing to work with - the key times for futures are the opening -- and the intial move by longs which was clearly wrong -- allowing for an easy entry -- but then the hard part -- holding the trend  until major support is hit.

/tf: weak internals - have to find a way to get short today

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