Tuesday, March 13, 2012

YM on Tue 13-Mar-2012

Shorting YM / US30 on FXCM.

Market has come up to resistance and currently testing it.
I have initiated a short, SL 30 pts, TG 100 pts.


I have been having opposite view on DJIA and GBP/USD.

Since I am bearish on GBP/USD, I have been thinking whether I need to sit back and other than hunting for long, I should also observe for shorting opportunity.
This afternoon after I turn on the chart, I think I can see it coming.

However, the bullish sentiment in DJIA still strong and I expect market to find support at the red line near 12965 region, then it will move sideways either to test the top again, and go down to the strong support and break the upward momentum.

If market drops below 12900 or ultimately 12880, I will abandon long but consider to change my view.

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