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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (606)	4/23/2001 9:50:08 AM
From: AllansAlias	Read Replies (2) of 209892

Good time to take short profits here for the safe trader type. It was some nice giving and the structure here allows for a snapback. It's not for everyone, but when I see such a possibility coupled with a nice down swoosh, I start thinking about profit-taking. I don't actually close the position, but I do move the stop closer to lock in the nice gain. What bothers me here is the way we rolled off our putative top we were looking for on Friday. It just doesn't look right to be pointing impulsively down. However, this down is very forceful and much more of it will have me bending the counts to favour Friday as the turn. Disclosure: I have been known to be too cautious. -g Favoured scenario is still just that for now.

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