Lehman gap is still holding as resistance as we head into the FOMC interest rate decision tomorrow.
AIG was forming a bearish h pattern when I spotted NRIB NR7. Price started to retrace when it retested the morning lows, but the move turned out to be an ambush - 50% retracement of last leg down. Finally, in the last hour it ripped lower on a rumor of a secondary offering.CNQ gapped and formed a mini inverse H&S pattern. I pulled my stop on the second half at the last minute because the rising 50 SMA was just below. It held as support and price rallied to new session highs, but failed to reach full extension despite the daily breakout to new recovery highs.
4 comments:
I was short AIG for 5 minutes at the beginning of the swoon and it was my best trade of the day, but you got in earlier and covered at a lot better price than me. Well played Jamie - - although I don't appreciate you deballing me:)
Are you sure that the AIG was an inside bar? On my tradestation the low was exceeded by 1 cent canceling the inside bar.
John,
If time is money, you win, with 2 pts. in 5 minutes!
smacrina,
You're right, not a perfect IB, but I'm not religious to the penny. I don't mind a minor breach depending on the size of the outside bar.
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