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Strategies & Market Trends : Classic TA Workplace

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To: The Freep who wrote (55077)	10/1/2002 6:11:27 PM
From: ajtj99	Read Replies (2) of 209892

Freep, I don't enter into a trade unless I have an objective. When I entered into the BTK this AM, I had two possible levels that I was looking at - 275 and 240. I don't expect 275 to hold if it is hit, so I expect 240 to get tagged. There are some T/A formations that also support 240, and I think some e-wave also. As for the BTK, last May I put it at 390, and it ran to 435 for Max Pain. I lost 85% of that original position while it ran to 435, but I ended up making a double on it even after closing my position early. That's one reason why I don't get too concerned about ramps like this when everything else I'm looking at points lower. I hardly think the BTK going to 333 from 324 (where I got my position this AM) running away from me. Heck, you lose 10% the minute you buy an option, so you can't afford to get whip-sawed by small moves like this. The high on the BTK on 9-11 was 352.90. That's why that's called my speculative account (options only).

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