I dunno. At one time, I was in the red by as much as 4 points. I wouldn't exactly call that conviction but a foolishness. I'm just happy I was able to get out alive in one piece. 85 is definitely in the card. The question is what then?
Some day I'm gonna have the balls to just buy a level counter-trend. I mean, seriously what's the worst slippage my stop would produce if the level fails to hold? :eek:
Good call. You pretty much nailed that sucka. BTW may I ask how (or rather why) did you come up with 87.44 as opposed to, say, 87.25?
Speaking of 87.25. Reshorted at 87.60 with an 87.25 target although if it hits that it probably goes to 87-87.05 or S3 = 86.91. BBIB.
I noted all the 60-min chart bar lows as possible support levels to be tested in a down trend today and also any previous pivot highs that might try to hold as support on the way down. 87.44 was the 1/28 11:00am ET bar low and 87.37/87.39 were previous pivot resistance levels from 1/26 and 1/27, so I figured somewhere around there the bottom fishers would give it a go
Close 87.25 on its way to 86. Just a minute. I'm getting a call from George Soros and Larry Williams is on the other line. They're wondering why I closed my position. Overall 87.90 to 87.25 with an extra comish, so not too bad.
GM I figure its the following news for the sudden drop at 5:30? Egypt has a plan and timetable for the peaceful transfer of power, the vice president said on Tuesday, adding that the government will not pursue protesters who have been demanding President Hosni Mubarak step down now. "The president welcomed the national consensus, confirming that we are putting our feet on the right path to getting out of the current crisis," Vice President Omar Suleiman said after a briefing with the president on the national dialogue meeting. "A clear road map has been put in place with a set timetable to realize the peaceful and organized transfer of power," he said in comments broadcast on state television.