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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Patrick Slevin who wrote (7806)11/4/1998 9:20:00 AM
From: Tom Trader  Read Replies (1) of 44573
 
Morning all--looks like we are in for an interesting day

Here's my tentative day trading game plan for now:

First, will not short the gap open today but may do so within the first 30 mins or so depending on price action.

Second, unless it sells off rapidly after the open, I'll look to go long at the 20-21 level.

Will be out of my position trade at 28 when it hits the 45 point target--already placed an order to do that. I'll be flat at that point.

Am somewhat inclined to short it at the 28+ level for a day trade with a stop about 5 points above it -- given the resistance at the 30 level it seems like it could work.

Got a pm from someone about my day trade that I went long yesterday to know whether I closed it out. I did close it out at 18+ for about a 5 point profit--could not post it at the time because I could not access SI and then later forgot all about it.

My OEX 550 short calls, I need to deal with this today if the strength holds through the day--will either close it out or take some other protective action.

Somehow, I feel that this gap open will not last through the day and at some point we'll have a reversal but if we continue to gain through the day, it may well mean that we are looking at higher prices irrespective of cycles and so on.

Anyway, all in all, I think that we should have a decent opportunity for some day trades.

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