'Trading is a process of observing the market's action until such a time you can find and form trading ideas and get involved.'**

Monday, November 28, 2011

YM did not make a breakout from the pullback at around 11:00 am. ET.

Instead, it starts to bow down after the lunch break as can be seen from this 5-min. chart.

No follow through!

Though there is a tendency for a breakout before the close, but the risk is high the way I read the price action.

Not much conviction on the part of the participants at this time.





Trade failed...lost 12 points...
Moving the stop to 11505...I don't see any breakout...
Looking to exit at 11550...
Trade bounce back...gaining its ground...
Trade still sitting above 100 MA...still has a chance to bounce back...
Trade is fighting for dear life...the momentum is waning...bracing for a disaster...