Pre-holiday (Labor Day) trade is anticipated to be relatively quiet…Continued unrest in the Middle East will keep most traders/investors from initiating any new positions, and existing positions will be pared ahead of the long holiday weekend.
Key resistance continues to be 1642-47 zone…which can be faded until penetrated…Initial support 1633-36 zone which is 3-D Central Pivot Zone (3D CPZ)…Any violation of this zone calls for lower levels to be tested yet again…1625-27 is a “must hold” for the bulls. Any violation of this zone again calls for 1613-17 zone to be targeted.
Stay nimble…Follow the trade rules!
Good Trading…David
Habitude Three
I am willing to accept loss. Losing is an integral part of the process. I know and accept that individual losses and losing periods will happen. They are endemic to trading. I do not like loss. I do not expect loss. I simply accept loss as a cost of doing business.