Last night we said that a 38% Fib extension from yesterday's low would test support from Friday's lows. That's exactly what happened this morning, followed by a bar by bar shakeout and reversal. I traded the NQ on the lower timeframe based on this strong reversal pattern. I took a partial as price approached the early swing high. After that, we spent a long time on consolidation mode. At first I was hoping for a C&H, but things got a little sloppy. I was ready to bail if the 15 min. closed below yesterday's low. Luckily that didn't happen, and the market finally lifted and soared into the close.
The POT and RIMM trades were dual trades: in my retirement account and my trading account. In my retirement account I'm holding half into tomorrow based on the strong close.
Related Posts :
- 10/16/2008 Double Bottom
- 10/16/08 Market Recap-Extremely Volatile Trading Day
- Rimm Bullish Ahead of Christmas
- Wall St. Warrior: Bottom Fishing - Research In Motion Limited (USA) (Public, NASDAQ:RIMM); Potash Corp./Saskatchewan (USA) (Public, NYSE:POT), October 16, 2008 09:51 pm
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