I decided to get in based on the fundamental weakness and the drop off on the 4 hour chart. Unfortunately I entered in the middle of the 4 hour candlestick which is usually not a good idea. It’s always best to allow the candlestick to form and then make a decision. but in this case I used multiple time frames. There is definitely an intense battle between bulls and bears because there are dojis all over the chart.
Anyway, we’ll see how this trade goes in today’s session. US futures are not looking so good but as I said, the negative sentiment could have been priced in already. As always, I will let you know how the trade goes in the comments.
Update: 11-23-2011 I just realized that I never show proof of my trades. So in the interest of full disclosure, here is the shot of this trade.
Thanks to One Cent at a Time for including me in the latest Yakezie Carnival, Just Another Day Edition!