MarketMonk's Post
trying again at 13,405 as it is testing LOD a 2nd time, 5 point stop. S1 is at 13,359 which is also near the 50% RT level.
7 Replies:
once again I am in the green on a spike down. But will it last? 5 point stops may be too tight.
I gotta agree with your email this weekend, MM - I'm usually the optimist, but I think next week is going to be grim, all the technical supports I watch have been broken, RIMM and GS earnings are going to be key.
Anything can happen. I do know that the rallies in bear market are sudden. Are we in a bear market? not sure but feels like it. I was looking at charts this weekend and man a lot of bank, retail, restraurant stock have been hit hard.
stop moved to BE at 13,403. This time there is some size coming into the market and is between the current price and my stop. Still could get hit.
typo, stop at entry at 13,405
moving stop to 13,400 (+5 pts) although I had a 22 point gain. S1 is at 359 so have a buy order in at 360.
one major fault I have is that I take profits too early. Just closed out the YM short at 13,375 on that last spike down. Did it for two reasons, 1) the ES and NQ were closer to their repective S1 Pivot support levels and 2) it was a spike down (which could signify a short term exhautive selling). 30 pts or $150
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