CPO 26th Aug 2009

As yesterday,
short position established @2392 cut loss at 2375.

Results.
1 safe, 2 con,7 losses, 6 win.
Average +121points/lot.

Outlook,
wave b in B complete at 61.8% @2372.
expect wave B complete in 2298 or 2272, 50% or 61.8%.
fall below this levels would indicate further selling pressure.

strategy,
sell on rebound.
yesterday 1 min chart show complete wave 1 and 2
expect today complete wave 3, sell on wave4 buy on wave 5.

if CPO > 2373, cover all short position and stay out.
if CPO < 2331, short signal, short, cut loss at previous peak + 10 points
if CPO < 2298, short signal, short, cut loss at 5min bar high + 10 points.
if CPO < 2272, short signal, short, cut loss at 5 min bar high + 10 points.
if CPO < 2234, short signal, short, cut loss at 15min bar high + 10 points.