Day trade Journal Wed 5-27-09

10:12.... First 30 min went as expected looks like a range with a pole to pole swing of tick
-1000 to +1000 ......and now at zero ......price spiked above Tuesdays high and was rejected quickly back into yesterdays range.........looks like a range of 90.95 up to 91.60 for now.
-------------------------------------------------------------------------------------

10:35 ...could have an ascending triangle on spy ....we have flat top and higher lows 5 min chart..
watch for another bounce at 91.01 ish ...got another +800 tick.... look for a firming up as the am moves forward...
---------------------------------------------------------------------------------------
10:55 ...Tick si leaning to bullish ....we are on 45 min cycles low to low look for next bounce @ 11:30am et... at 91.13 this would a good buy point with stop just below 90.92
---------------------------------------------------------------------------------------
2:pm et......price tagged the top of day range and quickly retreated back down to Tuesday range never gave me a entry opportunity......broke down thru trend line and is now resting on the 5o%fib......along with a-900 and -1160 neg tick........ we'll see if the fiddy holds...
---------------------------------------------------------------------------------------
2:15 et ...brok tru 50 fib..and retested took short trade at 90.40 with stop just above 50% fib
target is yesterday pivot line 89.90

----------------------------------------------------------------------------------------
2:27 ....closed short trade @ 89.90 thats .50 cents .......good trade...we risked .20 cent to make .50 cent thats 2 1/2 to 1 ratio....
-----------------------------------------------------------------------------------------