BOT RANGE RUN IN AN INVERTED H&S 7/17/12

BOT TRADING SYSTEM                  find us on Mirc at #Chartmaster


TODAY the chart has a new twist: longer term BOT levels (multi-day) and the daily BOT levels.  Slight differences today, and a watch for future trading.

 Some notes on trading today as key areas were discussed to help traders decide on possible entries.  Actual entry advice can not be given, only "educational" discussions of market conditions.

[10:12] <CM> gm all  introducing a new term long term bot v day bot   LT-5  and SB-5  close  exits here for the shorts  entered earlier at LB  TL and SB  (link deleted)

Shorts had numerous opportunities:  the stalled LBBO, the break of the TL, the range reversal, and the SB itself.

[10:12] <CM> the LT is something I'm working on ie multi day bot levels
[10:14] <CM> 47.5 lower risk long
[10:15] <CM> bulls need to test 50cb of b7  roughly 49.5
[10:15] <CM> buyers around 45.5 b7-9
[10:16] <CM> also 50cb level approx area pa hits ema (estimate)

The 50CB area is an important level for bo's and failures that continue the prior trend.

[10:18] <CM> we also have +10 from the highs at 56-56.5
[10:19] <CM> 46.5 prime long  at sb-5  (actual SB-5 was 46.75)
[10:19] <CM> that is your long range entry points

[10:29] <CM> tight stop out of trade  (link deleted)
[10:30] <CM> and the chart view  (link deleted)
[10:31] <CM> if we count this as a 50cb fbo  pa should continue down  thus the importance of the tl's

[10:35] <CM> if you like bracket trading  L49 S-45  short target the bo-10  41.5-42.5
[10:35] <CM> it keeps you out of the thrashing
[10:37] <CM> correction sb-10 is 41.75
[10:40] <CM> ok fbo 50cb correct  (call) here is the LT-10 AND SB-10  EXIT WAS slightly higher to guarantee the trade (link deleted)

[11:04] <CM> playing the reversal  (link deleted)

[11:05] <CM> target prior buyers around 45-45.5 (link deleted)

1[11:11] <CM> txk (name deleted)  that "tightening" at the 15 level made me think pa was restricted to run much lower  and even so had tight stop  the reversal at the 10 level looks  like the reversal pattern yday  push bar w tail a reversal bar with a tail and a signal flashing

[11:12] <CM> also a failure (fbo or a stall) at the 10 level often reverses to the 5 level

[11:37] <CM> ema bo all lower risk longs

[11:39] <CM> 49-49.5 prior 50cb we were working  should hit  second target the sb 51.75

[11:41] <CM> sb-5  46.75    LT-5 47.5
[11:42] <CM> b26 close lower risk long

[11:47] <CM> first target exits

[11:50] <CM> could, thinking more up  b28-29 entries for the 50cb bo

[12:02] <CM> inverted H&S working (link deleted)

[12:17] <CM> mkt overview:  about +15 dn from the stalled lbbo at the open  pa ran the range and hit a sbbo  to +5  +10.  at the +10 we saw a reversal pattern developing for long considerations  upper target set and hit

[12:22] <CM> this close bulls want a test of the high  t1 56 t2  57.75  (target 1 & 2)
[12:23] <CM> day range w/b sb10 to lb5


LT5 and LB5 both hit as anticipated.

Another fine day for traders..