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Monday, July 26, 2010

failed short

Shorted JOYG and got stopped out, but I still love this pattern where you can just see buying interest just die.
The Support-turned-Resistance zone was working early in the day, but the more it comes back to test it and the more the buying interest wanes, the higher probability it will break down from support.I entered on a little bear flag setup and got whipped out (stop too tight), had I stuck with it I can see the potential of where I would have gotten back in with much cleaner price behavior within the later bear flags at support

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