CFZ E-Wiggle Workspace Message Board

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Strategies & Market Trends : CFZ E-Wiggle Workspace

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To: skinowski who wrote (4801)	3/15/2006 8:42:05 PM
From: venividivici	Read Replies (2) of 41447

I like to use the 78.6% retrace level as a throw in the towel point, just to be on the safe side. That was at QQQQ 41.62 today. Now, that's obviously just a rule of thumb and a swift and hard reversal tomorrow that took us below 40.52, the 78.6% retrace of the move up from last Friday to today, in short order, would definitely put me back on the bearish side. I look at it this way. I got bearish on January 8th or so and have been on the right side of the market more or less since then. I missed a couple of big moves in both directions, but got little pieces of them all the same and had the best first quarter ever. Being on the wrong side of the market for the last couple of days was a small price to pay, both financially and psychologically. If the NDX bull is back in effect, I don't want to miss out, but I'm not going to chase things, either. That's one thing I love about trading only one stock, it's much less tiring than trying to keep a dozen setups in your head.

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