Wednesday, September 7, 2011

Trading Through Resistance 09/07/11

When R2 started acting like resistance, I thought that the market might close at least half the opening gap. But once the market traded above the 0930 ET open, it never again had a close below that level on the 5-minute chart. Since it is not uncommon for the market to make its high or low for the day before 1030 ET and the market was refusing to make a lower low, it became a good bet that the market would trend up. The rest of the day was a series of higher highs and lows. Tomorrow I start trading the December contract.


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