Right after lunch I mentioned how my sector watch still showed a lot of red in it. So I was skeptical about the long side and was keeping my eyes peeled for weakness to short. Well it never came. It’s no surprise tho being it is Monday and that their was not much big news today. Below is a 21 tick chart of the YM M8 contract. Yoou can see I drew a retrace on the bullish push coming out of lunchtime. What I wanted to see was a breakdown and interested bears below the 61.8% line around 12773. We never got below their again after 2:30 so I never took a short. It’s a good thing to since price continued higher into the close. So all in all I only got one trade off this morning in the QID in which I took a small profit. Like I mentioned earlier this morning tho. I do not look for to many trades on Monday. It is typically the day of the week I put the least amount of trades in. I do however spend my time looking over charts and looking for key levels for the upcoming week of trade. More about that later tho.
