Registered: Jan 2005
04-20-12 12:35 AM
Quote from logic_man:
Livermore said that "the first and last eighths are the most expensive". if we really are going into a 2-year ranging market (presumably, this initial leg down will go to the bottom, or near to the ultimate bottom of the range), what this thread is trying to do is catch the "first eighth".
Again, to reiterate my point, that is bad trading strategy. Let the thing confirm first. By a conservative reckoning, we need to break 1330 first.
Patience is everything, tops take their time to form ... this may go down to 12300-12200, and test the top again. Then you have a nice top formation with some body.
The bottom of the range I currently project at 10500. So a fairly narrow range.