Monday, 23 November 2009

Trades 23/Nov/2009

SLW (gap up)

Gap up then hitting price action weakening (upper tails on 2nd and 3rd bars). The 3rd is red inverted hammer closing weal. Coupled with market in oversold conditions and retracing, this is our short trigger for gap fade. Since the overall market was strong, I didn't expect to get much out of the trade and closed at 1R. In actual fact it went further to 2R.

I really wanted to long some stocks as market retraced, but CTSH didn't trigger and most of the others were too near the Fib Ext to make it worthwhile. So no other trades for me today.

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