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Strategies & Market Trends : Classic TA Workplace

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To: mishedlo who wrote (81078)	9/10/2003 9:32:42 PM
From: Susan G	Read Replies (1) of 209892

Had to pop in here because I was just speaking with a friend about the same thing...and had just done a detailed chart to show them what occurred. That's exactly what happened, the SP futures breakout failed and reversed -- at 3 am in the morning(g) Just to catch us all off guard, as so many were waiting for 1040 to go short! But you could tell at the close we were in nosebleed territory... I watched it live, as I was long and very nervous, (I prefer short!) as the move was so overdone. I'd been working with a old time futs trader who had 1034-40 max as their target and I wanted to be around to see the test so I was up and watching. There were so many shorts trapped at the close that it had barely dipped after hours, and I had a feeling the Europe open would be interesting, as they often get too frothy and print the night's high as they open. I tightened my stop and was taken out when it broke back below 1030 while sound asleep. The fierceness of the reversal even surprised me...someone who loves sharp reversals at resistance LOL. Here's the overnight chart from Monday Night/Tuesday am home.comcast.net

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