Thursday, June 18, 2009

June 18 - ABX


As we can see in the chart, ABX has been struggling with the $34 Pivot Point. Today's initial action lead me to believe that buyers would have the power to break through that line, but the move ended up being a head fake. After the bearish candle formation on bars 2, 3, and 4, I thought price would either chop around or drop down. The 9th bar was a nice, red offsetting bar below $34, but it was a bit wide for me so I passed. The next opportunity was when price broke below PDH forming a Doji below PDH and an IB with a small body filling in the lower wick of the Doji (very bearish).
I exited in full at the RZ line drawn from PDH to PDL.

2 comments:

Tyler said...

Anarco,

It is good to have you back! Nice trade. I did the same thing and it was my only good trade today. I had some stupid trades, but this one saved me.

Tyler

anarco said...

Thanks Tyler!
Hope you start posting again soon...
Cheers,