Billy
01-12-2012, 05:53 AM
Edges for shorting IWM are similar to yesterday’s but at a higher 3:1 reward-risk limit entry of 77.54 and a higher initial stop of 79.61. This makes me feel more comfortable with the counter-trend setup for a potential pullback to the 200-day moving average (76.02).
But the multi-timeframes support/resistance strength imbalances are warning that most professional programs are likely biased to the buy side and I still don’t intend to use leverage for a short trade.
12263
The new long entry setup for GDX is the same as yesterday at a limit of 54.38. A test of yearly/semester pivot (55.88) looks imminent. Support yesterday at the 5-day VWAP with a strong MF when below a very strong resistance cluster is a very positive/bullish behavior that usually precedes an assault at the intimidating resistance cluster.
Billy
12264
But the multi-timeframes support/resistance strength imbalances are warning that most professional programs are likely biased to the buy side and I still don’t intend to use leverage for a short trade.
12263
The new long entry setup for GDX is the same as yesterday at a limit of 54.38. A test of yearly/semester pivot (55.88) looks imminent. Support yesterday at the 5-day VWAP with a strong MF when below a very strong resistance cluster is a very positive/bullish behavior that usually precedes an assault at the intimidating resistance cluster.
Billy
12264