Pete's Place

Another awesome short, i'm holding this one, short from 9228.
Not failed test of previous high at position "1" with negligible volume. Also, even though there was a hammer at "2", the volume did not indicate a great demand there, so i'm sticking with this currently profitable trade. If it opens in the morning over that high, i'll close it out.
 

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I'm glad I took this small loss before it turned into a big one.
Big support at previous support was a sign to head for the door on this short. breaking the trendline was the confirmation.
 

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covered my short on the breakout just now. Still looks really weak, very low vol. b/o. and low vol. overall. If this b/o is rejected I will reshort it.
 

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I guess some folks are afraid of missing out when they see something good materializing, but price is moving against them.. so they stay in and lose a lot. I say, take the small loss, and look for a re-entry. Then the results can be only two small losses, or a decent gain.

I tried to short corn today (ZC), for some reason TWS came back saying "unable to obtain quote". Anyone know why??

A good para-quote from Sklansky (the poker player): "We all get the same cards. The difference between the novice and the pro is that the pro makes more money with the good hands, and loses less with the bad ones."
 

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Pete's Place has moved to The Strategy Lab

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