fryday trading, page-96

I read all the excitement posts about the short covering rally, then I had a little think about the days action. Now I decided to put up my little contribution (probably slightly less than 10cents worth [lol]).

Dont want to rain on anyone's parade but I would have thought someone would have noticed the breach in support of the IT fork which has framed the rally since last march. It may not be significant to anyone but me, but to me it is in fact, quite significant. The play book would indicate that after such a significant break, there should be a back test of the old support tine to determine whether it is now resistance.

So I put a couple of circles and arrows on a chart. Maybe you guys will not forget that the biggest single thing in your favour is that you can have a plan for each of several different possibilities, and action the plan that seems to suit the demonstrated action. My apologies for my glass half full (and badly chipped) disposition.