I am short at 4006 for a 20% fill. We hit the 4020 resistance after UK CPI, we then pushed down to the 3990s, and it then retraced up to the 4000s where I got my fill.
I am still being cautious and my stop is quite close at 4020. I want to see us completely out of this rising channel. Momentum is still negative on the 2 hour and above charts, and it's getting back to negative on the shorter intraday charts.
I'll add more on the way down if necessary and if the occasion arises. However, I'll be watching closely the 4000 area, the 3980s and the 3960s for support.
Update: as I am on the cautious side, I have now moved my stop down to 4015.
Tuesday, April 21, 2009
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