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Well, this is probably going to be my last trading day before the New Year. I have just put on one position and that was a long at 146275 as the market retraced from a swing high and hit the 5 day MA.
I was aware of overhead resistance at around 146500 which is also the 200 day MA. As it bounced up, I saw it struggle around 146600 and the stochastics this time round on the 5 mins was weaker than the previous dip (despite being a higher top)... ie some negative divergence.
The 15 min charts
December 20, 2007
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I got back home today and look at the market as I always do. It was stuck in a choppy range.. it would break out of this but I wasn't sure which way it would move. There were some opportunities to short it was it went up the to the 5 day MA as it seemed to have been contained the price action.
I was thinking that the price action would break down but there was a clue in that the stochastics were showing positive divergence.
The price action did break below the previous low but soon shot up
December 20, 2007
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For those who read my post of yesterday, you would have read that I got demoted and had to go back to the simulator.
However, I traded today and made +12 prices...
I could have ridden it a bit higher. The price action breached the 5 day MA which contained the price for most of the day and when it broke, it was time to enter.
Stochastics in the 5 mins were oversold which made me a bit cautious but MACD was still oversold.
However, stochastics and MACD on 15 mins were looking to move b
December 18, 2007
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