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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: Leland Charon who wrote (634)	9/25/1998 4:47:00 PM
From: Jay Lyons	Respond to of 43080

Leland- Sorry I'm so late with a reply. For some reason I haven't been able to log into SI since just after I posted last night, and this morning was spent at the dentist's. Why did I buy at 104 7/8 instead of waiting for 105 7/8? By 11:00 it had pierced 104 7/8 twice and then been turned back up at 104 3/8 and 104 1/2. I hadn't been able to get started yet, or I would of had two short sales that covered flat. By the time I started looking at things around 11:00, it was back around 104 7/8 and it started looking like support. After two flat long trades where it went to 105 and came back I decided that I'd stay out entirely until it went over 105 1/8 or under 104 1/4. Got in long at 105 1/4. Having seen two flat trades before I got started and having actually eaten two more, I thought it was going to be one of those days and that it would reverse around the upper trigger of 105 7/8 and leave me flat again. It wasn't until it hit 106 and change that I thought "Hey, stupid, that was the buy point you just cleared" and bought some more. On the other hand, I could just be looking for any excuse to go long rather than short! Jay