Wednesday, March 27, 2013

STAYING WITH THE CHANNEL AND TREND 3/27/13


The US Market started the day in a bullish channel and remained there until the close.  The first entry was off the failed break out to the upper target area.

[09:57] <CM> ES 51-51.5 target
[10:01] <CM> 1546-1549 approx trading range  for the break out
[10:11] <CM> channel (or flag) from the open


[10:15] <CM> b9 viewed as a fbo
[10:17] <CM> if b10 fails as well then 1548 viewed as a long potential
[10:26] <CM> take exits  upper target area hit


By bar 44-45 it appeared price was attempting to try another break of the channel, but a gap developed to the lower Trend Line setting up the next long effort.

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