Stock, Option and Futures Trading
July 10, 2011
To watch our Fib timing video use this link http://eminischool.blogspot.com/2011/07/another-fib-timing-video.html
Going into this week we are watching ICE. If the market does start to retrace from this level ICE might be one to play to the $120-$118 level. We would see how the market opens and if there is early strength we would not want to enter ICE short.
ICE has potentially completed a Gartley pattern and last weeks low was $126.67. We play these patterns with tighter stops than most people so our stop would be right .20 cents above the last high at $131.92.
This is a counter trend trade so we would trade half size and look for a bounce at the $124 level if ICE does start a move down.
The Futures are down right now but that does not mean we have a down day tomorrow. This is just one we are watching for tomorrow.
Also we were stopped on all of our call positions Friday for nice gains.
Noting ICE does not mean we are bearish it is just a pattern we are watching.
PS> We would use the 10 minute chart to tell us when to enter the ICE trade.