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

To: Alan Smithee who wrote (6578)	10/16/1998 10:30:00 AM
From: Stoctrash	Read Replies (1) \| Respond to of 44573

XAU basing nicely off the 200Dma. FED thing should keep the DXY falling...again the 92 level is a key support IMO. (actually 92.26 ...but lets not get picky!!)

To: Alan Smithee who wrote (6578)	10/16/1998 11:29:00 AM
From: Tom Trader	Read Replies (2) \| Respond to of 44573

DSG, I said more or less the same thing in the next paragraph I think that the individual was probably affected by an element of irrational exuberance -- and probably did not mean to slander Don. I was more bothered by the fact that he chose to post the same thing on several threads. But he had the grace to apologize and I appreciate that gesture. Re Pat--probably just as well that he was away--it was one of those days when one could have gone short and it would have been a very costly mistake. I don't usually use stops when I day trade since I am watching it closely--but I know that if I had been short at the 1024 level where it was trading at when the news came out, by the time I contacted my broker and placed a market order, I'd have ended up being out of the short at around 1060+, if I was lucky -- and given the number of contracts that I day trade, it would have been a very expensive trade--since it would have amounted to a loss of at least $8k per contract. Basically, yesterday's action was an aberration -- but for anyone contemplating futures trading -- it does spell out the inherent risks in a way that no amount of writing about it can do.