Thursday, May 6, 2010

Dow Down 1000 Points in One Day Before Recovery

Greece? Who's next?

Good Trading,

David "Tiger" Knight

P.S. Funny thing is we were talking about this scenario in today's wrapup today. Very interesting how something just happens in a blink of an eye.

What a PLUNGE!!!

Wednesday, May 5, 2010

Crude Oil Retracement Trade Breakout Long

Click on chart for a larger picture.

Nice breakout of a temporary trading range. The Crude Oil Market has been beaten up from Monday until today. Finally, the market showed a bottom that formed. Notice the two Spike Reversal bars that confirmed a long entry above the respective trend lines.

Overall a nice quick breakout of a trading range on a retracement trade. Take a look at the 60 minute chart with the high at May 5th to the bottom formed after the 10:30AM release of the Crude Oil Inventory Report.

A very nice technical setup today! Entry point was off a 5 Min Chart.

Good Trading,

David "Tiger" Knight