March 8, 2010 – 12:37 pm | by trader
Short term uptrend given, using 15 min charts, taking position when i see candlesticks + stochastics reversal from the 200 EMA.
The market seems to don’t have the strength to get out of the hole and a black candle is shown, i still positive and inside the trade:
A few candles later shows me that the level still healthy as we are not going lower, if we don’t get lower i am positive we will finally trade higher.
If the market trade lower the 200 ema i will have to leave the trade, i am in a critic stage now, the battle between bulls and bears is happening right now.
A break happens to the upside at the same time stochastics start to climb, definitely we are in the presence of a pullback.
A little consolidation here after the break
some reversal action here to the downside, this was not expected at all, the market is unpredictable and every situation is unique.
let’s hang a little bit to see how it goes, remember that my trade credit ends if the 200 yellow ema don’t hang anymore.
the lower levels are absorbed quickly, showing me that the sentiment still quite bullish:
the market now start to head up again after liquidating some traders.
market is trading in the upper levels again and it looks like if it is going to continue with its pullback:
a new break to the upside is given and i am getting close to the profit levels, remember on a pullback i am not expecting to make a new high, i am just expecting to trade close the last high.
market traded higher so i got out the trade with 25.8 of pips of profits.
