Friday, October 19, 2012 1:01:18 AM
HDY Daily Chart
Little battle between the bears and the bulls today with HDY volume slightly above average for the first of the last 7 trading days.
The battle saw an open at the previous days high of .69 and a high for the day of exactly the previous support at .70 cents which is the new resistance.
The day ended with the bears on top, with a close at .66 which has been either the low, open, or close of all 5 of the last trading days and 7 of the last 9 trading days.
Such tight channels have dominated HDY price action for 21 trading days, as previously noted, when .70 was support, we saw a low, close or open of exactly .70 for 11 of 14 days, and an open, high, or close of exactly .73 cents 10 of 12 days.
Nice consecutive 4% and 5% scalps for the shorts. It may not sound like much, but cumulatively that is an over 50% win and an example of a profitable channel play for the nimble gamma scalper. (Short bias assuming trend following for higher probability, which is currently a downtrend. Bull bias would occur in an uptrend)
Most retail traders play for big wins and take big risks, but the slow turtles make steady profits when they nibble away at small scalps with a high win ratio, and have as a protective 'shell' being flat most overnights.
Little battle between the bears and the bulls today with HDY volume slightly above average for the first of the last 7 trading days.
The battle saw an open at the previous days high of .69 and a high for the day of exactly the previous support at .70 cents which is the new resistance.
The day ended with the bears on top, with a close at .66 which has been either the low, open, or close of all 5 of the last trading days and 7 of the last 9 trading days.
Such tight channels have dominated HDY price action for 21 trading days, as previously noted, when .70 was support, we saw a low, close or open of exactly .70 for 11 of 14 days, and an open, high, or close of exactly .73 cents 10 of 12 days.
Nice consecutive 4% and 5% scalps for the shorts. It may not sound like much, but cumulatively that is an over 50% win and an example of a profitable channel play for the nimble gamma scalper. (Short bias assuming trend following for higher probability, which is currently a downtrend. Bull bias would occur in an uptrend)
Most retail traders play for big wins and take big risks, but the slow turtles make steady profits when they nibble away at small scalps with a high win ratio, and have as a protective 'shell' being flat most overnights.
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