Tuesday, 3 May 2011
T-bonds
as per previous post.. The pattern, indicators suggested a continuation of the pattern and some degree of probability that price may break out of the pattern upwards. After price held on the lower orange and red MLP's we were long at 118'12 and closedour position at 122'00 but had added an additional contract at 121'27 with a stop at 121'12. This is my only open position in the bonds but is a 'keeper' with stop now at b/e. This is a nice trend and there is a classic re-touch on the light blue UMLP and also on the confluence of the mauve & green MLP's. That area was where i expected price might fail and return back down but we have a good trend and are on the right side of the market with the confluence of the pink CL and black d-sloping ML as our primary objective at the 125'10 area. Remember the chart is littered with d-sloping forks where price has failed to get near the CL objectives
(see daily chart).
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