Chart Abbreviations:

3BC: 3 Black Crows; 3WS: 3 White Soldiers; BeC: Bear Channel; BeE: Bearish Engulfing; BTC: Buy To Close; BTO: Buy To Open; BuC: Bull Channel; BuE: Bullish Engulfing; DCC: Dark Cloud Cover; EnP: Entry Point; ExP: Exit Point; FW: Falling Wedge; HL: Higher Low; HH: Higher High; HM: Hanging Man; IR: Island Reversal; LBB: Lower Bollinger Band; LL: Lower Low; LH: Lower High; LPP: Lock Profit Point; MBB: Middle Bollinger Band; NABOP: Not A Bottom Out Pattern; NATOP: Not A Top Out Pattern; R: Resistance Line; RW: Rising Wedge; S: Support Line; SLO: Stop limit Order; SMO: Stop Market Order; STC: Sell To Close; STO: Sell To Open; T: Target; TSO: Trailing Stop Order; UBB: upper Bollinger Band;

Friday, May 21, 2010

DJI Update

OK, Just as I pointed out on May 7th, line H will be revisited and eventually close below it! and now, we are here again, so, today line H penetrated again, if you call the first penetration on May 7th was an accident and machine error, then, what you call it today? another computer problem? hoho... of course not!

The red circle on the chart is the zone I given out "short SPY" signal on my member access zone.

Daily candle here is a LL.LH red follow thru doji, this is a continuation pattern, weather it can be read as a reversal doji is TBD.

Bottom fishing on long side here is NOT recommended, but, lock profits on your existing short/put positions is a smart move to take some gains off the table....

Happy Trading!

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