By JS Services
Mon 30 Sep 2013 03:06:01 CT
** BULL TREND CORRECTION **
- The MKT has a soft tone against an underlying positive trend.
- On the SELL side accept FADE signals against the initial major resistance on the 1st or 2nd press into the area only. REVERSAL strategies should only be done off the initial major resistance 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 key support levels 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. BUY FADE strategies of 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 trhough resistance as any positive shift in momentum has the potential to be the start of the next leg higher. FADE strategies of the most recent major support after a Breakout of resistance should use greater leverage.
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