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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: SE who wrote (7313)10/27/1998 2:07:00 PM
From: Tom Trader  Read Replies (2) of 44573
 
Hi Scott --was away for a bit

No I did not short it at the open but I did short it when it came down and broke the 85 level; closed it out for a profit of 5 points.

Now looking to go long -- though I must say the market seems to have lost its momentum for now.

BTW, you may have noticed that I like taking a contrary position when there is a large gap open -- especially if it is close to resistance. Did not do it today -- not sure why; nothing to do with you guys and your bullish view-point because this sort of trade is based on something that I learned a long time ago when I attended a seminar that Larry Williams put on -- where he said that large gap opens are invariably caused by the public and the professionals invariably take a contrary position. Followed this for ages and found that he is right -- and it works out way more often than not. Check it out and you'll see that this is so. The only time that I don't do it is if there is a strong trend in a particular direction and then the gap is in the direction of the trend -- however, if there is a strong trend and the gap is against the trend, I will almost without exception trade that gap open.
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