Tuesday, December 8, 2009

12/08/2009 Low Risk Entry

Hey Traders,

I'm looking at a nice low risk entry tonight, just based on some simple observations with the FIb's and price action . We formed a nice base down here in the 1088 region (Drawn on the chart in white) and based on some longer term indicators we are due for a nice bounce.

build a position around 1090 area

The first target is at 1095.25 the 76% retrace

The second would be in the 1099.75 - 1101 region. I'll have to see about a runner. I don't expect too strong a move.

Stop is at 1087.50

so 2.5 points to make 10 points. I like that . I welcome your thoughts in the comment section