Apr 192012
After the 10am EST news; price dropped into the 75.50 level; bounced and double bottomed. Any entry near the level bottom was good for both small and large targets. Sellers piled on at the bottom but could not push price lower and became trapped as buyers quickly pushed price back up through the level.
Today’s example trade is a short from the 85.25 level. Price moved 12+ points from the 75.50 area into the 85.25 level and began topping out. Any entry in this level would have worked, however
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