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Strategies & Market Trends : Classic TA Workplace
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To: jjstingray who wrote (173414)11/18/2008 11:04:45 AM
From: Perspective  Read Replies (1) of 209892
 
I didn't take my own advice on ditching the hedges after four hours: <g>

Message 25167798

So if you take exposure off at the lower line, and we're actually heading down in wave 5, how do ya play that? Just sell a quick pop off the 850 low for a few percent and step aside to see if a vigorous short-covering rally develops? Most of the distance traversed by "a" and "c" actually happened within the first few HOURS of those legs. Maybe you just buy it with a set timeframe for sale - hold for four HOURS and sell regardless. That way if you are headed into wave five, you get back on the right side of it before too much movement has happened.

That's OK, in the intervening time, I decided I would be really upset with myself if we had a monster short-covering rally all the way into the holidays, and I was left scurrying to assemble an honorable retreat into hedges. I think it will be good to take the rest of the year (mostly) off. I still want to check it daily, keep the hedges tuned, but on the whole, I'm liking being on the sidelines for a while.

EDIT: The one trade I am considering is putting on some oil exposure. However, respect for Prechter's deflationary scenario has me holding back some.

Anybody got any favorites for me to check out?

`BC
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