Recently I have been showing some great risk/reward BUY setups in the S&P Emini 500, the Eurostoxx, AUDUSD and the ASX200: http://swingtradersedge.blogspot.com/2011/05/when-crowd-panics-keep-your-head.html AND http://swingtradersedge.blogspot.com/2011/05/let-snapback-begin.html.
I wanted to now update these setups to show how they have played out. As I write, we are now seeing strong follow through indeed. The initial entries are now over, managing the position is key.
A strong base pattern formed, 2800 has been recaptured and we are now testing the final downward sloping resistance line after todays gap up. Look for breakout trades to add.
Emini June 60mins:
A great long entry was identified at 1310 and then above 1325. We are now seeing a strong breakout indeed. Watch the overhead previous resistance levels at 1340/45 in the short term. I think we are still going a lot higher however.
Breakout of the wedge pattern after the "E" low reversal. Bullish divergences lead the price action here.
The initial entry triggers for these patterns all occurred over the last few days. It is only now that we hear of "Greek rescue packages" and the like which add fuel to the fire. As ever, price leads and hopefully these recent posts have clearly illustrated this. Most importantly, I hope you made money.