Monday, March 18, 2013

Overnight bond trade

I pointed out the 143 '20 - '24 level as major resistance in the previous post. There was a clean short setup around bed time with ZB trading 143 '21, ADX(7) on the hourly above 70. So if price is at major resistance and ADX(7) is so extended, its a clean short setup with a good risk/reward.

I shorted 143 '21, although I wanted to short 143 '24 (which turned out to be the overnight high!), and put a buy order in 10 ticks lower. Got filled overnight to a nice profit. Price is much lower at the moment, but I'll take the 10 ticks to start the day. Also look to buy against the 142 '23-'24 support level now.

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