Increased volatility within a wide trading range is a traders “dream”…Trading the Extremes to key support and resistance zones can pay big…Chasing a move can be disastrous…Symmetry is defined as: “Similarity or Likeness in Swing”…Using symmetry in range-bound markets can aid the trader in identifying potential price extremes from which to trade. Look at twitpic and notice how well defined pullback swing measured, from which tradable bounces occurred.
Today’s Strategy is “more of the same”…Extreme Trading…Initial resistance: 1640 – 42…IF penetrated and holds, THEN upside targets 1648 – 50 zone.
Pullbacks to 1629 – 31 can consider long side with proper setups…Failure to hold any pullbacks targets lower zones…Stronger support located 1622 – 25 zone…similar to yesterday’s key zone.
I am at ease with controlled risk. I will risk and I will win. I am courageous. I will take a chance. I manage risk to my comfort level. Risk keeps me on my toes, keeps me alert and at the top of my game.