Friday, March 13, 2009

Trade in Progress: Pullback


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Trade1: short @754.75, stopped out @756.5
Trade2: short @755.75, initial stop @757.5, still holding, moving stop down to 754.

ES acted like it was ready to rollover after it failed to test the overnight highs @758.25. First attempt at shorting it failed, but it did not change what I saw - ES still acted like it was ready to roll over. 2nd attempt worked out better.

Current support is @746.5. Next support is 735.
As I type this, ES is already making me nervous with a climb up to 752. I have to respect the buying strength, and will exit my short if it stays above 750 for longer than 30min.

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