Tuesday, July 20, 2010
7-20-2010 Bears Ambushed
Good Evening Traders,
Bears got Ambushed today by Apple earnings and some rumor about the fed lowering rates at the discount window .25%. I Wasn't here to trade today and I'm actually glad I missed it! My performance is admittedly poor during trend days because my system usually looks to fade extremes in price or sentiment. The best way for me is to use the indicators to buy pull pullback and trade with the trend. The largest reversal price had was after the opening gap filled at 11:30 Am est. There was a great chance to re-load long at 1060 and get in on that big move up!
Tomorrow morning I'll be looking for a brief test of support and further upside if buyers can get it over the 1084 resistance. If support at 1076 fails price may continue to consolidate above 1070 which would be strong support below. If buyers can keep price over 1070 into the close it could be signally more upside potential.
Good luck tomorrow, and hope my chart is useful