Playing the markets can be a devil, a deliciously tantalising, teasing bastard of a demonic fucker.
You can make the right call but be wrong short term and margin out (been there) or you can miss out on a trade and feel desperately frustrated at missing the profit from being right.
The latter is how I'm feeling right now. I wanted the DOW to break 17000 (my previous post called for some heat to come out of the market at that point) and I would have been short to 16750. Earlier today within half an hour of the market opening we slumped to 16742. Currently we're on a rise and at 16840.
I'm not going long from here. My call earlier in the week was for a short from around 17070 and today's drop meant my target would have been hit. A lovely trade of 300 points gone begging.
HOWEVER......
I'm not going long from here. If we creep up and break 17000 I'm still of a mind to action the trade I called although perhaps I'll wait for a little higher before taking a short due to this weeks action. I'm watching carefully to see where tomorrow leads before making a trade. If we test todays low (unlikely as buying was so strong) I'll let it play out and make a decision. As previously stated if we slip towards 16500 or even remotely threaten it I'll be all over it like Luis Suarez on human flesh.
Successful trading and I'll catch up with you again soon.
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