Wednesday, May 23, 2012

As Good As It Gets 05/23/12

A short trade set up this morning is about as good as it gets.
  1. Momentum is bearish on the 1, 5 and 15 minutes charts
  2. The advance - decline line is below -1000 (top chart)
  3. The $TICK is in a down trend ( top charts)
  4. The market is below S1
  5. We get a small correction back to S1 and the 20 bar SMA for a short entry (top chart)
  6. Sellers send the market to S2

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