Apr 262012
Today was a trend day with shallow pullbacks; price started moving up after the jobless claims report this morning (which was bearish). Trend days are the toughest for counter-trend traders since more levels than normal get tested and do not hold. Since pullbacks were shallow, it was a difficult day to counter-trend or find a good pullback to get on the trend. I’ve been mentioning in chat for the last week or so about the 90 area being the top of a multi-week range. Today we got a technical breakout of that area which gave the bulls the green light to run.
Order flow kept us from getting run over after the break out and provided a couple opportunities
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