07/24

The market gapped over that 57 area on Sunday night and the selling has not stopped since.

I managed to get some good trades this week. I let some run a bit longer and was happy with that development. I feel frustration when having a decent paper profit and then seeing it turn to zero. I got shaken of my position on the upthrust at 1374 (moved my stop to b/e). I lost half of my position after a good entry at the 46 on Monday late in the day. It just goes to show that the market will do what it wants and the market actually bounced the morning after the downgrade news.

I wrote a post called 2 weeks ago called “1357 still pivotal” where the only text was:

Gap under 1341 to 1322 (cash close 06/28)

This is the comp for the last few days with some details about the gap up and gap down.

The bounce today at the low of 1322 was at a HVN are 1323.5 and also at the NVPOC for 07/12 – but it does not look like it from the composite, here is a close up of that day:

Here are some comments on my levels.

Spot the primary market phases:

Close up today on same levels, 1336 was S/R, 1328 not a bad area if you wanted to scalp a few times.

I cut my short from 46 at 36 thinking it would turn there. Price action was difficult to follow. I thought buyers at 36/37 were holding for a while. This S became R.
My original targets were 32 and 28. I bought at 28 but gave it back.

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