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Thursday, June 26, 2008

, Stock trading, Nasdaq 100, NDX , QQQQ June 26, 2008

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As I wrote yesterday, first buyers was in area of 1900. That is where NDX open today.
Yesterday's rally was a trap, and I am glad I played it on the short side.

At 10:19AM: NDX is at 1884. Buyers are starting to appear.

If it gets to 1873 or so, not only I will get out of short, but I plan to flip it and go long.

Scaling in in a pyramid style might also be a good idea. But since it is against the daily trend, only half a a normal position should be played.

Also I would like to note few things:

1. Today price action is below the whole bar of yesterday's price range. That is always a worry. And that gap is likely to be closed in the future.

2. Shorting on any rally is therefore dangerous, until the range is closed.

10:43AM: with NDX at 1881 area. I covered short position on NDX, and I started gettung in on long side in pyramid formation.

10:59AM: with NDX at 1874, as I wrote in previous post, we are at the area of bottom area.

My prediction in the previous post was that I would get long at 1873. I could not wait, so I completed my entry at 1874.

Some minutes later 1873 was touched.

11:51AM: almost an hour later and the bottom of 1873 called for in the previous post shortly after the open (and before it is reached) is still the bottom of today!

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Happy trading,


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