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 Post subject: July 22nd Friday 2011 Emini TF ($TF_F) points +10.40
PostPosted: Fri Jul 22, 2011 8:47 pm 
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

Attachment:
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click on the above image to view today's trading summary

Trade Performance for Today: +10.40 points or $1040.00 dollars in the Russell 2000 Emini TF ($TF_F) Futures.
Russell 2000 Emini TF Futures - 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE.
S&P 500 Emini ES Futures - 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup.

In addition, today's #FuturesTrades trading chat room logs provides details about each trade from entry to exit along with commentary as the trade traversed...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=92&t=946.

Also, posted below are direct links to information about my trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis).

Image WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=5&t=180.

Image Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=138&t=1058

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Image Market Summaries

The below summaries by Bloomberg, CNNMoney and Yahoo! Finance helps me to do a quick review of the fundamentals, FED actions, global economics that had an impact on today's price action. Simply, I'm a strong believer that many variables (key market events) causes key changes in supply/demand and volatility that's arguably just as important as my technical analysis. Thus, I pay attention to these key market events from one trade to the next trade to give me the market context for my technical analysis.

Image Bloomberg.com (Youtube Video) - U.S. Tech Stocks Rise, Caterpillar Weighs on Dow Average

July 22 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. technology stocks rallied on improving earnings, sending the Nasdaq-100 Index to a 10-year high and extending a weekly gain for the Standard & Poor's 500 Index, while lower-than-estimated results at Caterpillar Inc. dragged the Dow Jones Industrial Average lower.

Image CNNMoney.com - Stocks End Week Solidly Higher
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click on the above image to view today's price action of key markets

By Ken Sweet, contributing writer July 22, 2011: 4:45 PM ET

NEW YORK (CNNMoney) -- U.S. stocks ended Friday's session mixed, as strong gains in the technology sector were offset by disappointing results from industrial conglomerate Caterpillar.

The tech-heavy Nasdaq Composite (COMP) gained 24 points, or 0.9%, to 2,859. The index climbed roughly 2.5% for the week.

The Nasdaq's Friday advance was fueled primarily by two chip makers: Sandisk (SDSK) and Advanced Micro Devices (AMD, Fortune 500) -- after both companies posted better-than-expected results and raised their full-year revenue forecasts. Sandisk shares climbed 10% while AMD shares jumped 19%.

Both companies' gains spilled over into other Nasdaq-traded tech firms, including Micron (MU, Fortune 500), Microchip Technology (MCHP) and Seagate (STX), which were all up 2% or more.

The Dow Jones industrial average (INDU) lost 43 points, or 0.3%, to close at 12,681; and the S&P 500 added slightly more than a point to close at 1,345. The Dow rose 1.4% for the week and the S&P rose more than 2%.

Caterpillar (CAT, Fortune 500) shares were the biggest drag on the Dow, sinking nearly 6%. The construction equipment maker was the weakest member of Dow and the fourth -worst performer on the S&P 500 (SPX), which was up 2 points. Caterpillar's earnings fell short of forecasts.

"There were pretty high expectations for Caterpillar heading into its earnings this season," said Anthony Conroy, head trader with BNY ConvergEx. "Despite their miss, I'm still optimistic for this earnings season."

Caterpillar's disappointing report dragged other equipment manufacturers lower as well, including shares of Deere (DE, Fortune 500), Cummins (CMI, Fortune 500) and Joy Global (JOYG).

While some more bearish traders pointed to Caterpillar's results as a sign there is still weakness in the economy, others felt that Caterpillar's weakness appeared to be more temporary.

"The problem with Caterpillar was, by and large, Japan," said Phil Orlando, market strategist with Federated Investors. "Caterpillar is just one of many companies who can point to the supply chain problems following the Japanese earthquake. I think it sets them up for a stronger second half of the year."

Other industrial conglomerates such as General Electric (GE, Fortune 500) and Honeywell (HON, Fortune 500) which also reported Friday, had decidedly better results, which Orlando said is an indication that Caterpillar's problems seem to be isolated.

* Latest economic news

Friday's weakness came a day after U.S. stocks surged, following news that European leaders reached an agreement to contain Greece's debt crisis.

The aid package, which officials said will cover all of Greece's financing needs, involves lowering interest rates and extending the payback period on existing loans to Greece from the EU and International Monetary Fund.

"The outlook for both the U.S. and Europe is clearly getting better but it's not over yet," Conroy said.

Companies: General Electric (GE, Fortune 500) reported operating earnings of $3.7 billion or 34 cents per share -- a jump of 17% from the year-ago quarter. Shares fell less than 1%.

CoinStar (CSTR) shares dropped 8%, after the head of the company's RedBox unit unexpectedly resigned on Friday. CoinStar makes the bulk of its profits from RedBox.

Shares of Verizon (VZ, Fortune 500) fell 3%, after the company announced it didn't sell as many iPhones as anticipated, despite reporting stronger-than-expected earnings. The company reported quarterly earnings per share of 57 cents, topping analyst estimates by 2 cents.

Former Dow member Honeywell (HON, Fortune 500) beat analyst estimates with second-quarter earnings of $1.02 per share. The company reported revenue of $9.1 billion, excluding $234 million from a newly discontinued operation. Shares fell about 3%.

McDonald's (MCD, Fortune 500) reported earnings of $1.35 per share, compared to $1.13 in year-ago quarter. Shares rose 2% - making it the best-performing stock on the Dow.

* Day trading the euro in your pajamas

Currencies and commodities: The dollar strengthened against the euro and British pound, but weakened against the Japanese yen.

Oil for September delivery rose 74 cents to $99.87 a barrel.

Gold futures for August delivery climbed $14.50 to $1,601.50 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 2.98% from 3.01% late Thursday.

World markets: European stocks ended modestly higher. Britain's FTSE 100 climbed 0.6%, France's CAC 40 gained 0.7% and the DAX in Germany rose 0.5%.

Asian markets ended higher. The Shanghai Composite ticked up 0.2%, the Hang Seng in Hong Kong rallied 2.1% and Japan's Nikkei increased 1.2%.

Image

Image Yahoo! Finance - Market Update

4:20 pm : Another big batch of better-than-expected earnings reports couldn't keep stocks from spending Friday stuck in mixed trade. The major averages still scored solid weekly gains, though.

General Electric (GE 19.04, -0.12), Microsoft (MSFT 27.52, +0.43), Verizon (VZ 36.74, -0.83), and McDonald's (MCD 88.56, +2.02) all reported better-than-expected earnings results for the latest quarter, but MCD shares were the only ones that put together any kind of a meaningful gain. Favor for the fast service food giant took its shares to a new record high.

Fellow Dow component Caterpillar (CAT 105.15, -6.45) was the only blue chip that came short of the consensus earnings estimate. The construction equipment company compounded its offense with a weak forecast. That caused the stock to slide to a July low. Such weakness weighed on the broader industrials sector, which fell to a 1.0% loss.

Tech stocks were at the other end of the spectrum. They scored a 1.2% gain on the back of big gains by Advanced Micro (AMD 7.75, +1.25), Western Digital (WDC 38.04, +2.91), and SanDisk (SNDK 45.57, +4.00), all of which surged in the wake of their latest quarterly reports.

Strength among tech stocks also helped the Nasdaq outperform its counterparts after it had lagged them in the prior session. The Nasdaq's outsized gain this session also helped it edge out the S&P 500 and Dow for the week. Specifically, the Nasdaq scored a 2.5% weekly gain, which is greater than the 2.2% weekly gain achieved by the S&P 500 and the 1.6% weekly advance staged by the Dow.

Given the pace of progress in establishing plans to restore the fiscal health of country's in the eurozone's periphery, little attention was paid to news that officials put together a new bailout package for Greece and also promised to provide financial support, as necessary, to other countries in the region. The news did drive a heady 7.5% gain for Greece's stock market, however. Portugal's market average advanced 1.5% and Ireland's advanced 1.4%.

The news failed to help the euro after it had already advanced against the greenback for three straight sessions. Although the euro fell 0.3% to $1.437 on Friday, it finished the week with a 1.5% gain.

Advancing Sectors: Tech +1.2%, Consumer Discretionary +0.4%, Energy +0.5%
Declining Sectors: Health Care -0.1%, Consumer Staples -0.2%, Financials -0.3%, Materials -0.4%, Telecom -0.5%, Utilities -0.6%, Industrials -1.0%DJ30 -43.25 NASDAQ +24.40 NQ100 1.1% R2K 0.1% SP400 0.2% SP500 +1.22 NASDAQ Adv/Vol/Dec 1267/1.67 bln/1305 NYSE Adv/Vol/Dec 1440/737 mln/1549

3:30 pm : Precious metals moved higher on the flight to safety, once again, aided by lingering questions about how the situation in Europe will play out, as well as concerns about how the debt negotiations are going in the US. Gold traded to highs, at $1607.70, early in the session, but spent the remainder of the day pulling back slowly from those highs. Silver had a similar pattern of trade, notching highs at $40.30 in mid-morning trade before pulling back throughout the remainder of the day. August gold finished higher by 0.9% to $1601.30 per ounce, while Sept silver gained 2.9% to finish at $40.08 per ounce.

Sept crude oil settled higher by 0.8% to $9.87. Crude oil futures spent the session rallying off their lows, at $98.43, and eventually traded back above the $100 level where they put in highs at $100.19 per barrel. On the week, crude rallied for 2.7%, and posted gains for the fourth week in a row. Aug natural gas finished near flat at $4.39 per MMBtu.DJ30 -52.22 NASDAQ +25.66 SP500 +0.94 NASDAQ Adv/Vol/Dec 1322/1.3 bln/1248 NYSE Adv/Vol/Dec 1428/517.7 mln/1563

3:00 pm : The final hour of the week has arrived. As things currently stand, the Dow's loss has left it on track for a 1.6% weekly gain. Meanwhile, the S&P 500 is on pace for a 2.2% weekly gain. Better still is the 2.5% weekly gain that the Nasdaq is on track to log.

Outside of equities, the dollar has had a rather quiet session, although it has steadily sported a modest gain of about 0.3% since the open. It is currently down 1.2% for the week, however.

Commodities have had a decent week. The CRB Commodity Index capped it off with a 0.8% gain today. That has it up 0.5% for the week. DJ30 -37.58 NASDAQ +28.23 SP500 +2.24 NASDAQ Adv/Vol/Dec 1321/1.22 bln/1243 NYSE Adv/Vol/Dec 1475/458 mln/1516

2:30 pm : The S&P 500 continues to drift along with an incremental gain, but the Nasdaq has stretched to a new session high so that it now sports a gain of almost 1%. The Nasdaq's move comes as tech stocks push to a collective gain of 1.3%, which is more than double the gain of the next best performing sector (consumer discretionary, +0.5%).DJ30 -43.90 NASDAQ +26.65 SP500 +1.06 NASDAQ Adv/Vol/Dec 1.16 bln/1.13 bln/1241 NYSE Adv/Vol/Dec 1411/427 mln/1568

2:00 pm : Unabe to work its way into higher ground, the Dow continues to slog along with a slight loss. Its weakness is largely owed to a precipitous drop by shares of Caterpillar (CAT 105.60, -6.00), which have been punished for the company's failure to hit the consensus earnings estimate, as well as its underwhelming forecast. Fellow blue chip Verizon (VZ 36.52, -1.05) has also been slapped with selling pressure, despite an upside earnings surprise for the most recent quarter.DJ30 -31.41 NASDAQ +24.19 SP500 +1.57 NASDAQ Adv/Vol/Dec 1281/1.02 bln/1236 NYSE Adv/Vol/Dec 1434/388 mln/1523

1:30 pm : The S&P 500 remains mired near the neutral line, even though the tech sector, which is the largest by market weight, has pushed its way up to a 1.0% gain. Meanwhile, the Nasdaq is sitting at its session high, sporting an enviable gain.DJ30 -29.55 NASDAQ +21.48 SP500 +1.42 NASDAQ Adv/Vol/Dec 1284/955 mln/1227 NYSE Adv/Vol/Dec 1421/365 mln/1521

1:00 pm : Strength among tech stocks has helped the Nasdaq put together a solid gain, but the broader market remains mired near the neutral line.

Market participants have been generally uninspired by news that eurozone officials have put together a new bailout package for Greece and have also promised to provide financial support, as necessary, to other countries in the eurozone periphery. Although the news did drive higher the market averages of Greece, Spain, Portutal, and Ireland, the euro has been under moderate pressure all session.

As has been the case in recent quarters, broad market participants haven't shown much of a concerted response to earnings reports, even though the bulk of them have been better than expected. In turn, the S&P 500 has chopped along for most of the session, until it recently made its way to the neutral line.

Blue chips Microsoft (MSFT 27.21, +0.12), General Electric (GE 19.08, -0.08), McDonald's (MCD 89.31, +2.77), and Verizon (VZ 36.53, -1.04) all posted earnings results that exceeded what had been widely expected. Caterpillar (CAT 105.45, -6.15) was the only Dow component that came short of the consensus estimate. The construction equipment company compounded its offense with a weak forecast.

Tech issues Advanced Micro (AMD 7.68, +1.18), Western Digital (WDC 38.01, +2.88), and SanDisk (SNDK 45.73, +4.16) have all surged in response to their latest quarterly announcements. That has helped the tech sector ascend to a 0.9% gain. It has also helped the tech-rich Nasdaq put together an enviable gain after it had lagged its counterparts in the prior session. DJ30 -20.55 NASDAQ +22.67 SP500 +2.30 NASDAQ Adv/Vol/Dec 1263/865 mln/1231 NYSE Adv/Vol/Dec 1443/335 mln/1496

12:30 pm : The S&P 500 recently stalled near its opening high, but the Nasdaq has managed to extend its upturn to a new session high. Tech stocks, now collectively up 0.8%, continue to underpin the Nasdaq's ascent.

Financials have also been working to unwind their losses. The sector slumped quickly in early trade, but has since worked its way up toward the neutral line so that its loss is now only 0.1%. DJ30 -34.06 NASDAQ +16.11 SP500 +0.70 NASDAQ Adv/Vol/Dec 1206/775 mln/1269 NYSE Adv/Vol/Dec 1415/305 mln/1520

12:00 pm : The S&P 500 has worked its way back to the neutral line while the Nasdaq has managed to set an incrementally improved session high. The moves come as the tech sector pushes up to a 0.6% gain, which makes it the best performing sector this session.

Among tech plays in focus, shares of Advanced Micro (AMD 7.68, +1.18) have surged to a one-month high following the company's latest quarterly report. In a similar vein, Western Digital (WDC 38.01, +2.88) has staged a sharp rebound from its prior session slump with help from its latest quarterly report, which included an encouraging earnings forecast. SanDisk (SNDK 45.58, +4.01) is in even better shape, although the company actually issued underwhelming guidance during its conference call. DJ30 -42.53 NASDAQ +10.98 SP500 -0.32 NASDAQ Adv/Vol/Dec 1119/690 mln/1339 NYSE Adv/Vol/Dec 1272/275 mln/1638

11:30 am : Even though the company posted an upside earnings surprise for the latest quarter, shares of Verizon (VZ 36.50, -1.07) have fallen sharply to trade near their weekly lows. AT&T (T 30.01, -0.27) has been imbued by weakness in shares of VZ, but its loss is moderate when compared with that of VZ. Still, overall weakness among telecom stocks has the telecom sector down 1.3%, which makes it the worst performing sector of the session.

Consumer discretionary stocks are at the opposite end of the spectrum. Although they are collectively up just 0.2%, they represent the best performing sector of the day. McDonald's (MCD 89.01, +2.47) is a primary leader among discretionary plays, following a better-than-expected earnings report from the fast service food giant. With its advance this session, the stock now trades at a new record high. DJ30 -45.33 NASDAQ +5.88 SP500 -2.38 NASDAQ Adv/Vol/Dec 993/575 mln/1437 NYSE Adv/Vol/Dec 1158/231 mln/1713

11:00 am : Oil prices have pushed into positive territory to trade with a 0.2% gan at $99.30 per barrel. That has helped take the energy sector back into higher ground so that it now sports a 0.2% gain of its own.

Schlumberger (SLB 93.50, +2.54) has been a key source of support for the broader energy sector. The stock's climb to a new multi-month high comes in response to the company's latest quarterly report, which featured an upside earnings surprise on stronger-than-expected revenue. DJ30 -51.80 NASDAQ +5.66 SP500 -2.38 NASDAQ Adv/Vol/Dec 969/438 mln/1412 NYSE Adv/Vol/Dec 1110/180 mln/1726

10:30 am : Stocks have turned lower in recent trade, but many commodities continue to trade with strength.

Gold has moderately extended its morning climb so that prices now stand at $1605.50 for a 1.2% gain. Silver has also extended its upward push; it was last quoted with a 3.1% gain at $40.17 per ounce.

In the energy complex, natural gas prices are up 1.1% to $4.41 per MMbtu, which is right about where they were in early pit trade. Oil has had to wrestle with moderate selling pressure, though. The energy component is currently down 0.2% at $98.95 per barrer. Oil prices had been at about $98.45 per barrel in the opening minutes of pit trade, however. DJ30 -69.25 NASDAQ -1.35 SP500 -5.37 NASDAQ Adv/Dec 793/1506 NYSE Adv/Dec 859/1939

10:00 am : Financials have stopped their morning slide. The sector is now down 0.6%. However, industrials have continued to slide from their opening levels. The sector's downturn has left it with a 1.1% loss.

The industrial sector's slide has been led by Caterpillar (CAT 104.47, -7.13), which has slumped in the wake of its latest quarterly report. Not only did the company come short of the consensus earnings estimate, but it also issued a disappointing forecast. DJ30 -38.98 NASDAQ +2.81 SP500 -2.74 NASDAQ Adv/Dec 901/1321 NYSE Adv/Dec 1012/1668

09:45 am : The major equity averages are mixed this morning. In contrast to last session, the Nasdaq is actually showing some relative strength while its counterparts slip.

SanDisk (SNDK 44.67, +3.10) is currently a source of strength for the tech-rich Nasdaq, following the company's latest quarterly report. Microsoft (MSFT 27.26, +0.17) is providing a bit of a lift, too.

Financials have fallen out of favor after staging strong back-to-back gains -- 1.1% on Wednesday then 2.5% yesterday. The sector's slide to a 0.6% loss comes as bank stocks suffer an early loss of 0.9%, as measured by the KBW Bank Index. DJ30 -29.48 NASDAQ +7.31 SP500 -1.64 NASDAQ Adv/Dec 1035/1139 NYSE Adv/Dec 1046/1627

09:15 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -0.30. Stock futures have slipped from their morning highs so that the cash market now appears to be on pace for a flat start. Any selling momentum into the open could eat into the stock market's week-to-date gain of 2%, which actually follows a 2% weekly loss. Waning support this morning comes as participants shrug off news that eurozone officials have put together a new bailout package for Greece and have also promised to provide financial support, as necessary, to other countries in the eurozone periphery. Early traders have also been uninspired by the latest round of earnings results, which have been strong overall. Although the reports continue to drive stock-specific action, they haven't really had much of a role in determining the broad market's direction. Such a theme remains consistent with that of recent quarters.

09:05 am : S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -2.50. Precious metals have been bid sharply higher this morning. Specifically, gold prices are up 1.0% to $1603 per ounce while silver prices have spiked 2.4% to $39.90 per ounce. Natural gas prices are also up nicely; contracts currently price the energy component with a 1.2% gain at $4.42 per MMbtu. Crude oil is under pressure, though. Just a few minutes into pit trade, oil prices are down 0.7% to $98.45 per barrel. In the backdrop, the dollar has put together a nice gain of 0.3% against a basket of competing currencies.

08:35 am : S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +0.20. Stock futures for the domestic averages have drifted lower in recent action. Meanwhile, the EuroStoxx 50 is up 0.4%, but market averages for Greece (+6.0%), Portugal (+1.7%), Ireland (+1.8%), and Spain (+1.2%) are all sporting much more impressive results. Strength among the markets of peripheral eurozone countries comes in response to news that in addition to a new bailout package for Greece, financial support will remain available for the region's other countries. As for the eurozone's more widely followed bourses, Germany's DAX is up 0.5%. Merck KGAA and Adidas AG have offered the most leadership, offsetting weakness in automakers BMW and Daimler. Germany's IFO Business Confidence reading for July came in at 112.9, which is down from the 114.5 that was posted for the prior month. France's CAC has climbed to a 0.8% gain. Alcatel-Lucent (ALU) is a top performer. Only a handful of names, including Publicis Groupe, L'Oreal, and Carrefour, have failed to find higher ground. France's Business Confidence Indicator for July came in at 105 following a reading of 110 for June. Britain's FTSE is up 0.7%. Royal Bank of Scotland (RBS) is a top performer following a favorable analyst rating. Vodafone (VOD) is also up nicely following its latest quarterly report.

Overnight trade in Asia took Japan's Nikkei to a 1.2% gain. Buying was broad based, but Mitsumi Electric, Japan Steel, Chiyoda Corp, and Mitsubishi UFJ (MTU) were primary leaders. Tokyo Electric Power and Chubu Electric Power performed poorly, though. Hong Kong's Hang Seng spiked 2.1%. Strength there was also broad, but energy giant CNOOC (CEO) failed to participate in the rally following an analyst downgrade. Action was muted once again in mainland China's Shanghai Composite, which mustered a gain of merely 0.2%. Basic materials plays performed relatively well, but financials hampered trade for most of the session.

08:05 am : S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +7.00. Stocks enter Friday with a week-to-date gain of about 2%. Given the size of that gain, stock futures haven't shown much of a response to reports that indicate a new bailout package has been made for Greece and that financial support will remain available for the region's other countries. The news has at least helped Europe's bourses stage gains, the greatest of which are currently sported by Greece (+5.7%), Portugal (+2.0%), Ireland (+1.7%), and Spain (+1.0%). Meanwhile, the euro has eased modestly lower to $1.438 after a three-day advance took it to $1.440 yesterday. On the earnings front, participants are digesting another big batch of reports, which has included announcements from several blue chips. Microsoft (MSFT), General Electric (GE), McDonald's (MCD), and Verizon (VZ) all posted earnings results that exceeded what had been widely expected. However, Caterpillar (CAT) came short of the consensus estimate then compounded the offense with weak earnings guidance.

06:53 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +11.00.

06:53 am : Nikkei...10132.11...+121.70...+1.20%. Hang Seng...22444.80...+457.50...+2.10%.

06:53 am : FTSE...5961.87...+62.00...+1.10%. DAX...7332.28...+42.10...+0.60%.

Special thanks to Bloomberg, CNNMoney and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

Phone: +1.708.572.4885
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