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

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To: Tom Trader who wrote (15141)	2/10/1999 8:39:00 AM
From: SE	Read Replies (1) of 44573

Hey....six months? No fair. I am still working on this day trading stuff! :) Yes, the 1200 point dealy sure does seem to work...I have no idea why, but more often than not it does work. I should look to see if it works in reverse. You know, just thinking about it, I bet in a down market it works better than in an up market. The kinda of down market GZ discussed yesterday....where rallies seem to fail just as they are about to really get moving. I should check the back charts sometime to see if in an up market it would work in reverse.... Just to make the point clearer, I think one of the biggest things in trading this stuff is confidence. Yesterday shorting at 40.50 was hard for me as I "felt" the market was in a break-out mode and could go higher. However, the 1200 point deal told me that chances were it would go lower, so I had the confidence to try the trade. With a tight stop I was not going to lose much if I was wrong. It is all about confidence....something each of us bring to the table in different levels depending upon our past success or failures. I have a couple of appointments today that braket the open and close so I might miss some of the best trading, but c'est la vie..... I would think that the trades today depend upon the open. If we open and go lower immediately, I would suspect 1210 will hold and we could initiate longs around that level. If we open and go higher, I like IKE's 1228 level and if we do not break that level substantially, we could go short there. I will have to see what happens after my 9 am cst appt before doing anything myself. -Scott

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