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!
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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