Wednesday, March 2, 2011

Trade Guideline for Thursday

As expected, Wednesday was a consolidation inside day following a trending down day on Tuesday. I will use 2320 as my key Line-in-the-Sand for Thursday.

  • If the market is ready to trend back down, price should break below 2320, then breaking below Tuesday's low, targeting a move down to 2295-2300 then 2285.
  • Above 2320 I will look for price to go back up to 2330, then 2340-2345 then a test of Tuesday's high.