was all in at 56.50 with you on that one ......covered early as usual 3/4 @52.75.......rest trailed at even as i`m gone for the weekend...........nice entry,beautiful , i felt i was a bit early
There was just a good example of selling a rally (while in a downtrend) at resistance levels. One of the resistance levels I use is the unchanged level. If the market has been in a downtrend in the morning, look for a rally to get right up to the unchanged level (it did that right now and then backed off). A good place to place a sell limit order (or, my preference, a market if touched order). I prefer placing my order 1/2 point under (for shorts), because there are few things worse in trading than being right about direction and then watching the market go in the direction without you because your order was 1/4 point from being touched. Indeed, I would say that it is the primary reason why traders chase moves--a bad idea, imo. If the morning has been strong, often time price will come back down to the unchanged level. Again, a good place to place a buy limit order (or, my preference, a market if touched order). Yes, I did take the trade.
we have a 3/5 minute diamond set up for those that follow......expiry bulls trying to get theirs with a reversal. stops just above 58 should be tight enough ....last 15 min bar.
Wrong...dammit!!! My stop was at 58.75, exactly where it should have been. And I got taken out (thank heavens). Weren't you saying something earlier about getting short from 71ish?
?? Not bearish. Went long in my IRA on ES (bought at 2 points above yesterday's low) and bought MSFT and some other stocks in IRA. My trading account is entirely different: I'll go long and short, hoping to get 4 or more points while risking 2 1/2 or less.
Now it's on Cash http://finance.yahoo.com/q/bc?s=^GSPC&t=5d&l=on&z=m&q=l&c= Caveat emptor 63 must be taken out or bears will take over.
just stopped back in......looks like the textbook diamond did the trick ,wow....expiry bulls did get theirs. what i meant by safe was a small loss vs the rip.....lo risk stop was clear as day.....few tics over 58 was the way to go.