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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: Tom Trader who wrote (4886)	9/30/1998 11:19:00 AM
From: Patrick Slevin	Read Replies (2) of 44573

I did not. I did not trust my own call. I am still wondering if I picked the high correctly, which so far was at 9:55 ET. I've been watching intraday activity and the longer term intraday indicators tell me it's marginally oversold. (Not that it cannot get more so). But I'm looking for a precise point where I feel confident about 10 points plus. I'm more careful with those type of entries. It's unfortunate (for me) I did not check to see where I thought the likely high would be a few minutes earlier than I did, as I would have gone short around 50 and had my 10 points sewed up already. But I still think there is another one coming. I cannot bring myself to play any bounce, as logical a play as that may seem. I'd rather do nothing all day than to risk that trade. Plus, we have the last day of the Quarter. Window Dressing or Undressing or whatever. Just throws another wrench into the works. I still show indications that the possibility of a large downside move in the spoo exists, greater than 10 more points, to be frank. It's a tough trade to play as the odds for such a move are always a bit of a long shot.

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