Thursday, 4 June 2009

Trades 04/June/2009

Not much going on today after the big move yesterday. Just two trades to blog about.

COV (fall thru prev day's low)

Bearish first then retrace up to ema where it hits resistance remaining below previous day's low. The 6th is an NR3 IB off the ema with long upper tail. This is our short trigger. Closed partial at 2R near whole number and left rest to run. This was stopped at breakeven as the price recovered in the last session.

JWN (gap down and fall thru prev day's low)

Bearish first then trend down. We do have lower tails on the sideways consolidation, so it is more of a risky trade, but the price still rejected the OR low confirming it as resistance. The 6th is a NR7 IB pullback to ema and is our short trigger. Closed partial near whole number as it got past 1R and to the Fib Ext. The rest was left, but the price didn't do much after that and just went sideways. Closed at end of day also near the whole number.

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