24 hours ago we were talking about how the day was like 12/3/12, but flipped. 12/18 hovered at the SB and ran the range for an extended break out. 12/3 had hovered at the LB, ran the range, and broke out for an extended run.
Flash forward 24 hours and we are still talking about 12/3/12: 12/19 was a similar repeat. Two days ( 12/18 & 19) of back-to-back hovering, range runs, and extended break outs.
The levels were given early, even for the SPY and we noted today was developing like 12/3:
[09:43] <CM> (x) sent the spy to you but here it is again 45.48-45.30-45.18
[09:44] <CM> ES today 45.25-44.5-42.5 tighter range bias for shorting
[09:44] <CM> took B1 fbo of ema and the MB
[09:52] <CM> fbo of b3 50cb 42 is now long to upside b5 continuation of selling from SB at 42.5
[09:54] <CM> pa still gaped to ema at high of bars stronger selling still in play bo5 is 37.5
[09:58] <CM> looking a little like 12/3/12 PA hung around the LB ran the range and sold off
The BO-5 hits and we had a 2 bar doji at B11-12 which was a CT long with an exit when B21 created a gap to the SB and PB to the 50CB of B20. The bull TL break was another valid exit point. B32 bounce for a HL was another CT long. CT longs that have a possible range to retrace are certainly more plausible trades, as opposed to a single bar or two with a limit move likely (i.e. near the EMA or the first reversal bar in a strong multi-bar trend).
Twice Bulls tried to hit the SB stopping short of the target, creating a gap between price and the SB. We were also in a trading range (TR) from around B16 to B43. The double top at B40 was another long exit from B32 and B41 was an excellent new short entry. We have a new bear TL and the EMA is the resistance. An additional opportunity emerged at the FBO of the BO-5 at B74-75. B74 50CB had a known risk, was at what appeared to be a FBO, and was considered a FBO of the bear TL from B40 area.
Where you enter is a personal decision. having a known risk and some key factors greatly helps the process. The trend continued to BO-10 and sold into the after hours.
12-3-12
and today: 12/19/12
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