TGIF – The market opened on the low, 63.16, of the day so far and has rallied up into the prior high pivot area from yesterday 63.64 @ 10:30 am. If we continue higher, the current 5 minute down trend in the market will end, thus far it has not and price action is looking short here again. Going into yesterday I was down 1/2 “R”isk unit and I was just looking for a nice play to make me profitable for the week. My first attempt came early 4 minutes after the market opened on the 1 minute chart of LOW. I found low on my gap down list after price was gaping below the 200 ma on the 60 minute chart and gaping well below the Daily buy area. I had a nice target below, a nice 1 minute attempt to rally higher, then price failed to continue to the upside and rolled over. My entry was simple, clean, and price dropped like a rock moving lower. Price move so fast that I just covered my entire lot at the nearest support level. I ended the play with 5 “R”isk units ending the week up 4 1/2 R and profitable for another week. I’m done early for the day and I’ll be kicking back watching other fellow traders slug it out today. Have a great weekend everyone!
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