[tonymand]

So much for waiting for the long trade. Both ibs marked act as continuation signals (at least potentially). At the second signal we enter a consolidation phase. The question now is do we trade long, short or stand aside. There are a number of ibs and obs clustered together here. There are a number of reasons for considering a short trade. The highs are falling and the Dow is down and there has been a strong correlation with GY recently. Also going long with such a bad NFP is a bit like standing in front of the proverbial freight train. Therefore short at 230.80, stop 231.44. Reduce trade size to a risk of 1% as we are so far into this move. Take first half at 230.10 and try to ride down to 229.50 which is the second fib extension for this move and is close to a daily support level. Be prepared to bail at the slightest sign of trouble and trail a stop behind major bear candles as the stoch is in oversold territory although can stay there for a long time in strong trends so is of less use than usual. Note this trade uses the elements of James system but does not strictly adhere to it and so Idont know if he would have taken it