Today is Monday December 19th, 2011 and I saw another solid market call completed with today’s 1198 S&P target hit with the early stages of the sharp reversal showing up as well.
In Friday’s blog posting I mentioned that we would see the S&P 1198 number hit, followed by a sharp reversal in prices and towards the end of the day we finally did see just that and in the after market the reversal back up is on. I did try and trade this with some success as I locked in a couple of early targets and held on to the last one for more. I did move my stop a couple of times deciding if I wanted to commit the whole day, which is not really my style, but I gave it shot.
I could not really complete it as I did try and add on to get the equivelent in the drop, but got stopped out on the add on. Just after getting stopped out, the market turned on down towards the target area mentioned like a magnet and since reversed as I figured and wrote that it would in my last blog post.
The pressure is going to turn to the upside in the days to come as this wave down is completed. This is all my own opinion and not advise, but we should see upwards pressure coming back into the market and it could be substantial. Many think this market is going to crash, but having an open mind and looking both ways may be a better idea, but that is just me expressing my mind. If you feel differently, by all means follow your own strategy and method, but this is just my own analysis in the daily markets. The days trade below.
Typically, I would not be looking to take a position trade for the better part of the day, but found myself looking to that today. It is OK because I really had this in mind before I put it on, which is important. There were other good low risk scalp trades to be had but was trying to trade off the call I made on Friday.
The chart above is a larger clean chart of the whole day and part of Friday’s session. No indicators here again today as we trade the price first and still trying to make that clear for those who look on. If you want to see the smaller time frame view of past session look back to weeks and months past and you see every trading session as I trade with plenty to see.
That’s it for now. I will be taking the next two weeks off but may try and post something as a reminder if I am lead to. Wish all my readers the best this Holiday season. Vince
Related posts:
- Another Big Market Call Completed to within one tick
- Market Call Completed, Exactly
- Stock Market Call
- Target Call Complete, with 940+ On Today’s S&P
- Another Spot On Market Call
Tags: no indicators, position trade, scalp trade, sharp reversal, stopped out
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