Wednesday, July 1, 2009

Short of the Initial Balance High

Hi guys,
This was a nifty trade. I shorted the Initial Balance High (IBH) when the market 1 ticked above it during C period. I particularly liked this one because we also had Initiated Selling between 928 and 929 from 6.15.

A trading friend asked me how long I keep up the lines that I draw on the chart. The answer is: until they are violated. The market had not previously challenged and taken out this level since I drew it on 6.15. It still hasn't taken it out. It is still an active and alive level that will remain on my chart.

Check out the 30 minute chart to see what I was looking at. MD 9.2 makes this so easy to do. Notice I have buttons already set to make the process of adding a line very easy.

Here is a link (below) to the chart definition. You won't be able to use all the lines that are automatically drawn unless you set your V#'s up and Quote page. Some are set up with Custom Columns which require the Pro version. All the rest should work fine for all.

Hope this helps,


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