Here’s Where I Saw A High-Probability Trade
Sometimes the pattern and zone
don’t quite live up to expectations, that’s just the reality of the game.
But, if you find a trade with edge within the
framework of your trading methodology–it still makes ‘cents’ to just do it.
09:55:35
Reversal Zone
The semiconductor HOLDRs (SMH)
are trading between support levels as evidenced by the 60-minute and daily
charts–down .56 at 37.13. The next awareness zone for potential reversal
longs comes in between 36.75 – 36.95. This area is comprised of three Fibonacci
levels and channel support from the sector proxy’s May pivot lows.
10:46:22
Reversal Zone Pattern Update
The semiconductor HOLDRs (SMH)
are now setting up in a potential
1,2,3 bottom, within a support zone outlined earlier–down .77 at 36.92.
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Tradable edge is only good if you consistently
take the trade when its there for the taking–then applying proper risk to
reward measures to ensure that the little things do in fact add up over the long
haul.
Chris Tyler