24 July 2012

S&P500 : Short ESU2 @ 1346

  • Observed here time and again (also paid the price in bad trades) the danger of trying to go short S&P. However, gut feel is telling me that a long drawn top is in the making.
  • Thus, initiated fresh short ESU2 @ 1346. Stop loss @ 1362.
  • Daily : This is the early hint. Rally from 1262 to 1377 comprise of a series of big overlaps, suggesting that the impulse is the other way ie down. If we close below 1329, I will put on an additional unit short on basis of daily DT.
  • Monthly + Weekly has potential to turn in very bearish patterns although a bit early to discuss this now. Let's watch the daily price action get bearish first and then see how that impacts the chart patterns here.

2 comments:

Taichiseal said...

Stop moved down to 1345. Additional unit short at 1329. If stopped out, loss = same as per original trade.

Taichiseal said...

Got lucky with Apple results after hours disappointing expectations. ESU2 @ 1321