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That is exactly WHY I scale out.

Then again all depends how much of the heat one is willing or able to maintain. I recall speaking to a friend who was a fund manager at the time, he was short AMZN based on FA, market proved him wrong. His analyses remained the same, in actual fact there was more reason to get short AMZN, but...

tomorrow is likely to be another decline, too good of a formation, there is too much bearish sentiment right now, p/a has to calm down a bit <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1551263>

testing hammer's low, I doubt it will hold

I traded a short off a correlated 5 min chart between ES & DAX, entered off a lower time frame. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1551132>

My view of 60 minute chart is bearish as F... :) if current support was indeed to be a major one, then I would have expected to see more of a bounce, all we got is a so-so hammer. They might take it up later tonight/tomorrow only to crush it to new current lows, ImO of course. Longer term...

kinda made sense, especially if you were trained to be a dip buyer for substantial amount of time. At least buying near the daily pivot warranted a small stop, right thing to do.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1551031>

This is looking even better now, since I am not in a short trade I sincerely wish you, Surf, all the best, but on another hand I would reconsider, this is a weekly chart and you are looking at a quad divergence, they don't get much better than that, EUR/USD to tank ImO.

I like it 2. 5 min signal that pulled me out of the red and I am grateful to it :) <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1550972>

Just covered last lot, managed to get back morning's losses and finished day -1 Gross, which is pretty good considering.

3rd lot covered +79.5 Gross -1 LOL

bearflag

I am very keen to cover short last lot here to reduce morning's losses, but I will be holding to b/e, I doubt very much that this is the end of last week's p/a. P.S. they need people to load up at pivot

Wave, the way you talk reminds me of...

Credit is a slow killer

Financial impotence

Hourly charts ES/DAX (the way I view them) suggest a re-touch of pivot and perhaps more Divergence based retracement complete ImO, let's see some more downside (please :))

Thundergod is a professional common senseologist, you won't win :)

Surf, if you have 4 positions on, does that mean that you have allocated 25% of total capital to each one of them, or do you allocate 50% of total capital. You keep mentioning money management, but ImO, strictly, aren't gains relatively small? I mean if you always start of with small size upon...