We had a great day yesterday and with pips on the board we will look to build on that today. It would seem that early this trading day the flat top we talked about in our previous post....
... is still in play, but for how long? The eagle-eyed market technicians among us will have spotted something of an ascending traingle, a continuation pattern, forming over the past few weeks. Should we break out and consolidate above 11160 apprx. then we will look for an entry long:
Despite recent success shorting the flat top at 11150, let's be mindful of the enduring uptrend currently playing in global markets:
Nothwithstanding the small short positions we effected at 11150 this morning, we understand that an unwavering bear will lose money in this market. We will stay short below 11160. Above 11160 however, and we will flip the trade in anticipation of a breakout and so a substantive move.
Safe trading Flatbookers
"Investing without research is like playing stud poker and never looking at the cards."
- Peter Lynch
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