By JS Services
Thu 21 Feb 2013 03:03:03 CT
** BULL TREND CORRECTION **
- The MKT has produced a negative signal against an underlying positive trend.
- On the SELL side accept FADE signals against the initial major resistance level on the 1st press into the area only. REVERSAL strategies should only be done here or the previous session high point and will immediately work if they are going to. Keep position and risk management tight on these trades. SELL BREAKOUT failure strategies below support are aggressive but do have potential to be the start of a larger corrective turn. Keep risk management tight.
- On the BUY side accept REVERSAL signals off all major support levels, expecting the underlying positive momentum to resume. FADE strategies off key support levels will work better with confirmation as the MKT is in a corrective state and will be probing lower, looking for soft spots. Work any BUY BREAKOUT strategies through resistance as any positive shift in momentum has the potential to be the start of the next leg higher. FADE strategies off the most recent major support after Breakout above resistance should use greater leverage.
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