Thursday, September 30, 2010
09/30/2010 AM Update
PA opened very close to yesterday's high (<10 pips). In my previous post, I was anticipating a test and break of the 100 & 300 EMAs around the next open (e.g. TODAY). It took one test and mild rebound before it broke the 100 EMA and then flew through the 300 EMA as well with no major resistance.
My entry was slightly below the 100 EMA above the FPV @ 113.929 where I had my limit order from yesterday. I normally don't try to "ride the wave" throughout the move, and settle for the first major pivot point to get out, in this case S1 @ 113.652. Even though PA continued downward, matching the previous magnitude when I traded, we all must sleep.
For those pulling an all-nighter, you would have seen PA fly past yesterday's low, and hitting MS4 for a total of about 90 pips. PA has since rebounded off the MS4 and is piercing the 100 & 300 EMAs to the upside. Currently looks like a good long opportunity, but I'm going back to bed, done for today ;)
Short signal @ 113.929 with PA passing through 100 EMA significantly = 25 pips TP @ S1 "113.652"
New Buy signal @ 5:30 AM, PA passing through 100 & 300 EMAs. Look for FPV and Open as resistance points.
Good Luck to those that trade this.