***Announcement***
Polaris Daily Trade Strategy Blog is going Premium beginning May 1st, 2014.
In an effort to provide PTG Clients the highest quality market analysis and daily trade strategy preparation “prior to pit session opening”, the Daily Trade Strategy (DTS) Blog which has been freely distributed will convert to Premium status beginning May 1st, 2014.
The Daily Trade Strategy (DTS) Premium Edition subscription pricing will be $29.95 monthly. If you are interested in continuing to receive the DTS prior to the pit opening, please click on SUBSCRIBE NOW
Subscribe Now
Thank You and Good Trading
Yesterday’s Trade Strategy stated: “Failure to hold Open Range and/or ONL calls into question bulls strength with pullback levels at PDH 1875.75. The 2-day value zone HVN resides at 1868 – 70 levels for major support should price retreat that deep.”
Well price did indeed fail to hold open range with very aggressive selling from the opening bell, pushing price lower to key Three-Day Central Pivot Zone (1864) during fist 30 minutes of trading…Followed by strong snap-back rally to Open Range Average (1877.25). Price finally stabilized for remainder of session within our expected support zone between 1868 – 1870.
Yesterday’s high may in-fact mark a key short-term high point within this current swing up, as it also marks an important Fibonacci 55 day expansion from February 5th low.
Trade Strategy now favors “selling the rallies” until bulls can reaffirm their dominance.
Key resistance zone is the 3D-CPZ between (1872 – 1875)…We’ll be looking to establish shorts within this region should price retrace back up. Potential retest of prior days low at 1864 becomes more likely to reaffirm a key support level. Recall that 1864 was the Key HVN Marker for March. Failure to hold 1864 on pullback could potentially force long liquidation targeting 1861 handle down to 1855 – 53 zone.
Stay Disciplined….Follow The Rules…ALWAYS USE STOPS!
Good Trading…David
Habitude Three
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.