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Strategies & Market Trends : Raptor's Den II -- Ignore unavailable to you. Want to Upgrade?

To: CharlieChina who wrote (2868)	12/7/2004 8:39:01 PM
From: Michael Watkins	Respond to of 3432

Wow, going up large huh? Wow. Wake me up when it happens. Meanwhile I'm short within a few minutes of the (until proven otherwise) peak of the market in 2004. 10:09:16 Mike: Spike here on ES 5M. 10:11:18 Mike: I am going to short ES or YM here provided I get an up bar on the 1M 10:11:20 Mike: here we go. 10:11:39 Mike: Short 1196.50 Message 20823646 Here's the bar and the location of that trade, and where markets ended today, almost 20 ES points lower than my entry. trendvue.com I also shorted YM on Friday around 10650 if I remember correctly, but took profits on that one on Friday. However, started another YM short today 12:38:47 Mike: SELL STOP LIMIT 1/2 size YM 10557 under the last 1M bar. 12:44:21 Mike: Short YM 12:44:27 Mike: 10560 initial stop. Not too bad, 104 quick points. I held at the close. trendvue.com But that's not what I wanted to write about. What I want to do is challenge your assertions. Today's "patterns" only say one thing - today price went down. They don't say that price will go down for 10 more days; they don't say that price will be up at the end of the week. They don't say anything about what will happen next Monday. Today just is. If there is any message in "patterns" its that there was ample reason to smell a big pull back was coming. We don't know how long it will travel for, but there is enough reason to be extra cautious. In the meantime, poutine anyone?