Monday, December 1, 2008

Monday trade - CF

I traded this as a pennant. The one thing I didn't like about the setup was the lack of volume contraction, but I liked how weak CF was compared to POT and MOS. At 11:15, USO put in a huge capitulation bar on high volume while CF didn't budge. That really bothered me and I didn't want to sit through a choppy lunch, so I tightened my stop to break even and got stopped out.

Setup: 60

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