Wednesday, August 26, 2009

Wednesday Notes - Touchdown Trade

I'll let the attached chart do the talking tonight. Click to enlarge. We had this trade setup teed up in the tank prior to today's open with the idea to take any early approach toward Friday's significant 1020 support level with strengthening confirmation.

Tank Morning Briefing Excerpts:
09:08:28 {DonM} I'll be taking longs on any approach toward 1020
09:13:58 {DonM} If you get a 3LB turn on a major support/resistance

09:14:12 {DonM} HOLD at least a small position until 3LB says otherwise

The one-minute Tick Divergence (lower price, stronger TICK) and three-line break confirmation (bottom chart) provided the signals, with the market doing the rest to provide a bountiful opportunity for the morning.

You may also find it interesting that we call the Price vs. TICK Divergence "TD" in the tank for shorthand, which is fitting given our ex-NFL player scored a touchdown on the move!

And the swim continues.

P.S. Don's weight loss update: I'm officially down to 190 from 201 today, which is halfway toward my goal of 180 that I haven't been at for twenty years. For those who have asked, I'm on the Medifast program (this is the 3rd week), which is the same one my wife has used to lose 75 pounds. The bars are extremely convenient, while satisfying my chocolate fix! Plus, swimming in the tank seems to be helping ... along with 20 supportive teammates. Look out Jared!