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Double Bottom again -- $460

The first half of the market was a downtrend. However at around 1300, a double bottom pattern started to develop. It's quite dangerous to plunge right in since this can turn out to be false alarm. What I usually do is long 1 contract first, wait for the pattern to develop further then long another few contracts.

Trade Mechanics
Long 1 at 1706.75, long another 2 at 1709.75 and profit target at 1715.
cut loss at 1704.
Trade lasted for around 2 hours and resulted in $460.

Posted by Michael Taylor on April 25, 2006 4:58 PM |

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