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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: SE who wrote (20785)4/12/1999 10:11:00 AM
From: Patrick Slevin  Read Replies (1) of 44573
 
Actually, I read your post and was not aware of the drop.

So at 6:54 EST I put in the buy because of two things. First, the critical break is 1320/25 on the Cash and it was 1336 on the Spoo, roughly 1326 on the Cash.

Second, if I recall correctly, the Circuit Breaker stops after the first break on Globex. The Low Tick could not get much lower so I threw the Order in and knew I was done somewhere between 1330 and 1337 and reasoned that was relatively safe. Safe because I guessed the Support at 1320ish Cash would bounce it a tad this morning.

Looks like I just Sold half the position at 1346.50 so I'm able to take a hit down to 1324.50 without losing on the trade. If the spoo gets to the mid 1320s I would be out anyway, as I would guess Support was broken and a sharp Southern Ride is in the cards.

The pattern is setting up to be a messy day. I was much more optimistic when I was posting to Bob.
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