Friday, July 9, 2010

Price Target reached

We got to my 1074 SPX price target this morning on a very slow grind. Considering the bearish action on EURUSD and the slow grind higher here I hedged myself again @ ES 1070 a few minutes ago as mentioned via my twitter feed.

Keep in mind that I will not take profits on hedges and only let them stop out break even (read more on my trade lessons on hedges on the right hand side).

10:56AM: we should be making a new LOD in the next 2 hours. Should only be marginal but could develop as a retest of yesterdays LOD. Wedges have a tendency to break down quite fast so watch out here.

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