Last week we highlighted developing 1st Pullback from “Key Low”. See TwitPic:
Subsequent strong rally ensued hitting a high of 1635.00 (Sept Contract). Friday’s corrective pullback measured a perfect 50% to 1617 handle where PTG was aggressive buyer in the live trading room.
Currently in pre-market action price has pushed up and retesting prior session high at 1635.00. There is potential for resistance developing from this level since price has already achieved and exceeded the three-day cycle price objectives. Any pullback is a potential buy back towards 1620 – 25 handle with 1617 being “Key Support Marker”. IF buyers continue to push price higher, THEN any upside penetration of PDH would target 1643’s.
I am willing to accept loss. Losing is an integral part of the process. I know and accept that individual losses and losing periods will happen. They are endemic to trading. I do not like loss. I do not expect loss. I simply accept loss as a cost of doing business.