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>I had been diligently counting my Elliott Waves for weeks, waiting for >the end of the fifth wave and
>anticipating a subsequent significant correction. Yesterday, 12/4, I >finally saw what I believed to be
>indications that a top was in place. I didn't wait for the market to >verify my analysis, I jumped in because I just HAD TO GRAB THAT TOP!. > I sold March T-Bonds at 119-11.
Your letter really struck a chord here. I have been poring
over my bond charts, AdGET elliot waves, point and figure,
etc., patiently waiting for the move. I shorted at 119^14 but had my
stop at 119^30, Held into the report today, watched it plummet, looked
at all my charts again and figured this is it. The top is in for awhile.
I expected the bonds to move sideways for the next few days
and then go lower again. Much to my chagrin, like a deer
caught in the headlights, I just kept staring at my chart
constantly thinking, NOW, NOW, now it is going to turn around
and back off again. Totally ingnored all signals which disagreed with my
bearish turn.
Felt very stupid at the end of the day.
After trading for over a decade, I forgot the essential rule,
when the cash register drawer is open and the bills are spilling
out, it's my job to pick them up.
Connie
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