I'm confused as to why you attempted that there. All my artwork says that we are right at the line, right now. And we were not when you tried to open that short.
I'm trying to estimate probabilities now, if we close here, that they will make a poke over the line tomorrow at the open just to run some stops. I *know* this is the point where one should be a seller given the setups on the NDX and SPX both. They are right at it. But it seems that, more often than not, there has to be a stab over a line like this.
I wish I'd thought this over earlier. I would have been inclined to ride today up with a small long, with the hope of ditching it on an overshoot of the lines we're discussing. Foolish I guess. It's hard to keep everything straight when you're posturing based on so many different time frames.
In the longer time frames, my position is clear. How to play the hedges in the meantime is, however, quite tricky. Don't know if I'm any good at it, either, so I'm not always comfortable making trade on that time frame. Also, it usually requires near 100% attention at critical moments, and I frequently can't give it that.
`BC |
