Today was one of those trend days where each level provided some resistance, but the market just wanted to go up. Unfortunately it was so strong, there weren’t any significant enough pullbacks into resistance turned support to consider a trend trade. Today’s example trade looked like a great setup after the morning’s runup. The morning news was net bearish, so the expectation at the time was price would probe the day’s top and then settle back down into either a range or go retest the day’s low. Well the market had other plans found good news out of bad (e.g. if the economy is slowing, maybe the Fed will print more money…).
The example trade may have provided small targets for entries close to 79.75, but for the most part; a profit would have been difficult to obtain. In today’s annotated chart, I detailed some clues that the market may move up which could be used in considering
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