WEEKLY
DAILY
60MIN
30MIN
5 MIN
1MIN
FCX GAPPED DOWN BIG, REVERSED AND PUT IN A 5 POINT HELLUVA RALLY. WERE YOU IN THIS TRADE?
Keys to recognizing the trend early:
- Japanese Nikkei puked overnight but slowly rallied back up
- ES Futures puked but failed to make a new bottom before market opened
- The market overall is oversold according to MCCLELLAN Oscillator
- Watch market leaders AAPL, CAT, IBM, AMZN, GE
- FCX is near long term support on weekly chart and new 200dma
- FCX fails follow through after retracement to yesterday's pivot level and makes a higher low
- Key now is to watch what happens at the gap fill. Do we show strength after consolidation or fall apart and going to the lows again?
- We consolidated and wedged and one should buy the breakout and set stop at the preceding low.
- Ride to the next resistance level. Exit a few, watch for consolidation / break down of trend before exiting core.
- Circled areas on 1min are aggressive long / add areas
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