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Strategies & Market Trends : E-Mini Pit -- Ignore unavailable to you. Want to Upgrade?

To: the-phoenix who wrote (4973)	8/2/2002 12:17:49 AM
From: Dan Duchardt	Respond to of 11288

Who needs all the calculus and complex math? Yeah.. I'm inclined to agree, but whatever works for other people is great for them. NDX low at ~10:26 this morning: minor support from S1 pivot line at 940. Good for a 5 point bounce, usually. 2:07 yesterday at same price level: first test of 20sma120. Strong support on first test in a pullback. Oops.. I now see I mistyped that time for today.. should have been 10:16. In any case.. it was close enough to yesterday's low and bounced high enough that it might well have been a double bottom formation on the daily, confirmed by the intraday bounce from that same level at 10:35. You could even make a case that 10:16 was the end of a third leg down on a 1 minute chart. We always see clearly at the end of the day and look back. The calculus in real time will never do so well. I've made few trades this week. Took a short way too soon on Monday and relied on my long calls to keep me from getting blown away on the upside move. I was quite confident the move was too much to hold without at least a 50% retrace, and then the morning numbers set us up for a deeper low. Just a few scalps, most of which have started badly so I did not push my luck. Covered a short NQ before the 10:00 announcements at a small profit, and held another all day. Was bidding it a 912.5, entered when Globex came back on at midnight (24 hours before now). Of course it turned up at 913 this afternoon. I finally covered it so I'm flat the futures tonight, and finally profitable for the week after a bad start. I could say I carried a short from the 995 high to 917, in line with modern accounting standards. I just have to sluff off the loss on the way up to 995 to some hidden account and do a journal transfer for an entry at the high in the one I report. Maybe I can get some major accounting firm to help me with that. <gg>