Friday, August 5, 2011

Why I was looking for a bounce


Someone messaged me asking about my "looking for a bounce here" in my post a few back.

We were at the 127% external retracement, and we pushed through the lower Bollinger band to get there.

We wound up only getting a scalp like bounce (about 6 or so points for this type of market), but that was my reasoning, it wasn't gut, dreams or feel.

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