Wednesday, February 2, 2011

Trade Guideline for thursday

As expected, Wednesday was a flat consolidation day, following a nice trending up day on Tuesday.

For Thursday however, if consolidation is complete, we should see a break above the consolidation high, and then trend up on short-covering rally.

If the market is not ready to trend up, it could breakout above current consolidation high and then reverse back down, or breakdown below consolidation low to retrace percentage of the entire range from Monday's low..

Key support is FT Pivot.