I went short on the S&P 500; The reason is why it's so hard to sell - General

MontyPython 2010.03.17 19:36 #4931

avi1:
3756 good entry twice explain please. thx, as you remember my sl 12p i dont stop out im watching the trade

I'll explain tomorrow.

I need a rest. See ya'll tomorrow.

avi1 2010.03.17 19:37 #4932

avi1:
3756 good entry twice explain please. thx, as you remember my sl 12p i dont stop out im watching the trade

3768 stop out +30p

MontyPython 2010.03.17 20:32 #4933

firscall:
okay. thanks I have taken a short with a tight SL at 3798.

The post & chart is above.

The reasoning is below

firscall:
Obviously, the trade is not a winner yet but the reason why I went short and didn't wait for the price to test 4802 is because the candles showed weakness after it touched the 61.8 retracement of the move from 3817 to 3758. The candle opened above the previous close before being sold off (on the 5 min) this usually precedes short-term weakness. Additionally, since the price was already rejected by the 3802 a couple of hours ago the prefect retest of it wasn't essential. If the price can breach 3756then I'll expect the price to continue down to (3758 - ((3817-3758)*1.618)) = 3663. The trendline is already below break even so no problem.

MontyPython 2010.03.17 20:37 #4934

avi1:
3768 stop out +30p

M8, maybe you should go back and read ALL the posts that I made today also look at the chart, price & time when I said that I went short. Also look where I wrote that I would use the trendline as a trailing stop. I post before the event and in real time.

One more average ... [Archive!] FOREX - Trends, I need some help