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53 /K= 46 •/])= 46 D=8Z06 0=4165 H=4184 L=4119 C=4i84 Figure 9 Sure enough, the market slows and the daily oscillator begins a retracement. 0206 is what I call a "blowoff day." {That may not be true for others). The market makes an outside day, with a lower low and a higher high than the previous day. And then, it closes on its high, indicating bullish pressure. Because of that, I tighten up my stop and move it from the bottom of the gap to just above the high of the day after the day following the gap day. I then watch and hope. Im a little nervous, too. The weekly oscillator remains pointing down.
4517 «55 4142 >iK= 78 78 6289 0=4218 H=4220 1=4199 C=4194 Figure 10 Its 0209. The market moves higher and the daily oscillator enters the overbought area. The high that day comes within 1 tick of my stop, but prices close nee the low of the day. The weekly oscillator is still pointing down. I place an order to sell a second contract at 4188, just in case i dont get stopped out and the market moves lower.
71-- 7 -- 14 0214 0=4110 =4125 L--4109 =4 Figure 11 As luck would have it, prices drop like a bonnb on Friday, 0210. The next day, Monday 0213, they take out the number II point of a very large l-ll-III high, which coincides with a Ross hook. Then on Tuesday, 0214, theres a small correction and the daily oscillator is deep in oversold territory. Because of that, I move my protective stops to 4201.
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