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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Tom Trader who wrote (2347)	8/25/1998 9:16:00 AM
From: SE	Read Replies (1) \| Respond to of 44573

Re today's open--I am sorely tempted to short into/just after the open. This is based on resistance levels and also the fact that if I am wrong, I can be out of it with a minimal loss. Appears to me that if the DOW gets to 8630 and no more than 8675 that that would be a good time to short the SPOO. Looks like a fairly strong resistance in that area. Not sure what levels Favors and others are using on the DOW, I don't remember what they said, but to me that looks like about it. We should open up right at or slightly throught the 8630 level based on the 10 points on the SPOO, so it appears to me that you may be right on the money. Patrick what does you pattern analysis call for today? High between 8:30 and 9:00 am???? or are we going to run a bit..... -Scott

To: Tom Trader who wrote (2347)	8/25/1998 9:17:00 AM
From: Patrick Slevin	Read Replies (1) \| Respond to of 44573

Don't get too carried away with this mentor stuff, I have my share of mistakes. Once when I was having trouble similar to yours, trying to eke out more from a trade rather than taking profits I flew down to see Hank Camp in Florida and he suggested it. Turned me around immediately. Of course, we went over several things but my real problem was trying to grasp the proper exit strategy. Now I pay less attention to it; perhaps because the strategy has become more intuitive or perhaps the markets (being a bit more volatile) have forced me to take another tack. I don't know for certain. But I thought I would throw it out for consideration. My plan today, and it appears I should have taken it on Globex last evening when I came up with it, was to play for an almost straight up morning. Now, with ETH up 830 I have to wait to see if it attempts to close the gap. I don't think it will, completely. If you are shorting after the open I would give it a few minutes to see how the action in the E-Mini affects the spoo pit.