Tactical musings, technical timing indicators and risk management strategies
Saturday, July 07, 2007
Qs hit Friday R1
Following Friday's plan, I purchased the August ATM calls at 6:58 am (PST) on a wide 2 minute hairy bottom, and trailed the Qs up to the intradday R1 pivot target at 48.85. The Qs formed a squat bar at 48.84 at 8;30, the 2 minute parabolic flashed a reversal signal and I closed the trade. I had the opportunity to re-enter long again an hour later, but felt unsure of the trade, due to the expected Friday pm fade (which never happened) and passed.