Wednesday, January 14, 2009

Wednesday trade - ACI

I traded this as a symmetrical triangle at the base of a wide ranging bar. It was slow to break out, stalling at the ORL, but then it accelerated at 10:30. That's when I remembered about the oil inventory report. I wouldn't normally trade ahead of that but it worked in my favor this time. It felt like a gift, so I exited pretty quick after the thrust down and big volume bars. This was a 1.43R trade. Today was nice because there was no question that I wanted to be short after the weak defense yesterday of the 850 area.

Setup: 65

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