Friday, May 28, 2010

Trade in play




finally the s&p 500 gave me that sell signal i was waiting for ,, i was a bit cautious as its friday and month ending day but i cant let this trade go , the s&p 500 broke down from the 1090 support line and showed weakness to the downside just a bit shy from the resistance zone i shown in older charts , i took this sign as a go on that hedge closing and adding short on the AUD , maybe 100 pips from the top but IT WAS A STRONG MOVE UP AND WE NEEDED BIG EVIDENCE ON TREND WEAKNESS , so i didnt try to catch the top althought if i didnt short half position i woul dhave went short right at that 8550 level which is the far top cause as i said before , 8560 is a big resistance and i shown that in previous charts , but anyways , i m setting the stop loss on the top of that ret. at 8550 , with targets at yearly low as first target
im seeing a potential for a small bounce up as the down trend will find support of the area from 8410-8380 , but the bounce should be limited to 85 , just in case anyone might wanna jump into the trade
Happy weekend everyone

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