In the book The Art of Contrary Thinking by Humphry Neil states "It is foolish to do just what other people are doing, because there are almost sure to be too many people doing the same thing." This is relevant to our recent charts because news events and the economy don't necessarily make an efficient market in the short run. People make markets and people can be unduly influenced by fear and greed. Our indicators are in buy but recent price action has been down. We will look to buy the market as a contrarian trade with the support of our indicators on a most probable symetrical triangle pattern at the 1310 price level. A relatively tight stop will be held at 1303.75. This is not an easy trade. It will require more attention than usual to manage stop loss and also to grap profits which can come and go in the matter of a few hours.
