Trend-Continuation Triggers
The Qs have continued their
decline from yesterday while providing us
with at least one nice pullback entry thanks to some mild euphoria after the
Michigan sentiment data release — which lasted all of 30 minutes — before the
Qs ran head first into its 13-minute downtrend support. Shorting the pullback or
waiting for confirming trend-continuation triggers in the context of a three-minute
break provided between $0.60 – $0.90 on the short depending on whether you chose
to pay a price for the confirmation. I’m expecting high-percentage trading
opportunities to thin out as we approach late afternoon, which may be reflected
in thin oscillations and awkward pace.
2001Â 12:10 PM
Congrats to those who took the 60-minute
trend-continuation trigger yesterday afternoon after spotting a dream setup of
divergence and simultaneous multiple-trend breakdowns. Based on the number of
e-mails I received last night, it appears folks have been doing their homework,
spotted the entry, and took the trade.
Lastly, on this day
before Thanksgiving, I greatly appreciate the continued positive feedback to the
column and hope I’ve been able to provide you with a few different ways to view
the market over the last five months. Comments like this, which I received last
night, help provide the continued strength to create each day’s column.
Don – I do enjoy your
column. Thanks for the keen insight, and thank God for the focus you’ve given
me. There is way too much to absorb at first for the neophyte and keeping it
simple sure helps. S.G.
Good trading!