Intraday Commentary – 5/28/10
Time posted: 9:04am UTC
Overnight trading was somewhat quiet. A continued rise should see major major resistance at 1108.5 – 1110. We are looking for good risk/reward long triggers with profit targets that fall within the resistance band.
A break out this band could lead to confirmation of trend change but my charts are saying otherwise. However, we have no triggers either way and we trade charts not opinions.
© All Rights Reserved-http://traderguynextdoor.com
Loading ...
The 1098-1100 support zone is key. A significant break down should see 1094.5 w/ 1097.5 offering support as we go.
Targets – 1094.5 then 1091
A break back above 1101 would negate in-trade reasons
1194.5 target hit after 9:42.
Next resistance point, if it breaks north of here, is around 1104 then 1108-1110 as stated above.
If we break back below 1099 we should see 1090-1092
A break back above 1102 would negate the reasons the trade
1095.75 could offer support so being mindful when it gets there as it may be strong enough to exit, depending on my strength indicator readings at that time
If I had missed the previous entry I could enter if it breaks below 1097.75 for the same targets
The Huron changed to rising so some would have gotten out at break-even
…or a small loss. I don’t like being in a trade that’s against the Huron unless the indicators are extremely strong in my direction and if that’s the case, it usually get’s me back in
I will be posting a loss on that trade of .25 points
For those that stayed in or re-entered at the break of 1097.75, I’m seeing resistance at 1100 and the same profit targets of 1091-1092
We seem to be blowing through that 1195.75 problem point on our way to targets
Moving stop to break-even
Moving stop loss to lock in at least a point of profit
Remember, I’m telling you what I would do as a conservative momentum scalper. One needs to trade their own beliefs by finding what speaks to you.
Let’s see if we can push to target or if 1094 will serve as too strong of a support point
If we hit 1092.55, I would trail with what I’m willing to give back
We are in the target range so if in , trail tight
This ia major decision zone. A break through 1089.5 could ultimately see 1082.5. If we break through I’ll assess and share the points of support along the way.
If we correct, we could see 1095 to 1097 as resistance points that we would look for triggers around. Lets see.
If you are in, my indicators are saying be very careful. Remember, we can always get back in
We broke through 1089.5 and are looking for at least 1082.5 as stated above. resistance is around 1092
1085.75 is a barrier that we have to cross. Be careful with your profit around here
IF you didn’t trail out after hitting 1085.75 remember that res is around 1092 and we have already hit 1092.5 so be careful. Nothing has indicated that the immediate direction is up yet
Huron has switched to rising so be extra careful if still in
Huron is falling again so let’s see…
For those that got stopped out, a break of 1088 would get me back in with res around 1093 and target-1 at 1082.5
Back at that 1085.75 support range point hoping we break through this time but watch profits
Huron is long so be careful with giving back too much if you didn’t get trail stopped out.
Have a great weekend!!!! I will be updating the weekly results shortly and adding a “what if” page to About also