May 112012
It was a day of weak and failed trade opportunities. There was a long opportunity right off the open which but difficult to take since price turned off the front edge 42.50 level back into the S1 pivot which could have turned into resistance. The next 56 level didn’t hold has resistance, nor did it hold as support later in the day. All trade opportunities from that level failed. The 62 level did provide a couple weak short opportunities which are today’s example trades. I documented the logic in the annotated chart below.
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