Thursday, November 12, 2009

Here's the deal for today

Ok well we had -502,000 jobs instead of -512,000 WOW! Here's whats shaping up for today, we bounced off the 78.6% retracement of the last swing low to high @ 1089. I am basing that that will hold for today and will look to take a long position as close to that number with stop just below. On the flip side the short setup has up until 1100's to still be valid, if at any time we trade above 1100 the reaction is over and we will begin our next move to 1115.

If we break 1089 then, again, next short term targets are as follows 1084-85, 1078, and 1072-73, the reaction should NOT break much lower than that.

Also a quick note the US dollar appears to be in another short setup on the Very Short Term time frame, another reason I am for now thinking we have seen our low for the day in overnight action @ 1089.

So that's the gameplan, we have the plan A and a plan B, remember money/risk management is the key and best of luck to all!