The market started selling before the open and continued towards our 86.50 / 87.50 area. The downward momentum was strong and the 86.50 / 87.50 became a bump in the road. Price started rotating below the level and then dropped into our 82.50 / 84.50 area. Price next formed a double bottom with little prints providing a good long opportunity. After a triple bottom, price stalled at 86 just short of the 86.25 target for several minutes. Additionally, the VWAP was 86.50. This was an interesting situation. I knew that because price stalled at 86 for a long time, if price broke above 86, it would pop for a couple of ticks. Thus the exit strategy was changed to moving the target out 1 tick to the VWAP and at the same time be ready to exit at 85.75 if I thought the market would not push through 86. We soon got the pop through the VWAP target…
2 Responses to “8/18/2010 Post Trading Analysis”
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I have a silly question. The shading of your level ranges that we see on your charts, is that something you add after capturing the screen (i.e with Snagit), or is that a feature in MarketDelta that I am not familiar with?
Thanks!
It’s SnagIt; a box with the transparency set to about 10%.