8.29.13 Trade Strategy

Yesterday SnP had a short lived recovery bounce which pushed  price back to prior day open range 1636 – 39 which was anticipated supply zone. Failed attempt to expand beyond that zone creates today’s resistance marker.

IF 1639.00 is penetrated and holds, THEN initial upside projected targets 1643 – 47 zone. Initial support is 1630 – 33 zone…Violation of this zone calls for retest of 1625 handle…Further violation of prior day low would force long liquidation with lower targets down in 1613 – 17 zone.

Today’s Strategy will be to buy pullbacks above key support zone (1630 – 33), anticipating price stabilization ahead of holiday weekend, as traders will be looking to square positions to limit risk exposure with Middle East situation.

Good Trading…David

Habitude Two
I am detached from the results. I think in terms of the process and the validity of the process. I understand that I am more than the trading. I do not tie a fragile ego to any day’s trading results. I have faith that over time I will make money. The results of any one trade are statistically unimportant. I think in term of probability. A single trade says nothing about me as a person.

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