Wednesday, September 9, 2009

The first signal of the day is a long after the new day and price hits the 50 PDMM. Price retraces back to the PDC and off again long to the 50 PDMM. This time it struggles and breaks into the 50/62 zone. I often look for reversal signs here. If price breaks this zone I look for 100 PDMM as a target or price targets that are still in play from the previous day. In this instance price goes to the previous day's R2. In trading price action I see this all the time as orders that are placed on one day may not be hit until the next day if they were not cancelled.

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