Feel like some kind of war correspondent typing up his news dispatch from the bunker. Although Fresno isn't exactly the center of any market action, so maybe not.
We are at the 50% retrace area of the sell off that recently ended, with the .618 level at 1081.00. Prices have shown a strong impulsive pattern up from Monday night's lows, so we have the potential for this to turn into much more than a correction.
Still holding long from Tuesdays entry @ 1032.00. Changed the stop loss to fixed stop and reverse @ ES 1037.00 which is a little below the up trend line connecting the lows of this rally. This is the normal procedure in the trendline/oscillator system, stop losses are there for disaster protection only with the thought that the system should move you out of a position long before a stop is hit. I went with a trailing stop only because I was traveling and wouldn't be able to monitor the market, which won't be the case tomorrow. As before, as long as prices hold above that lower trend line and the oscillator holds above 80.0 the long position will be maintained.
