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>So what's my point? It would be great if it was that easy and
>we could find one or two simple chart formations that would make
>trading as easy as 1,2,3... But you just never know and this may well
>be yet another buying opportunity.
>
>Tom T
I could not agree more. I am strictly a day-trader and, as I have said I do
not trade the S&P. The main thing is spotting the potential - in this case
a 1,2,3 - and, if as in this case, the market gaps down and then puts in an
upthrust to the Pivot, it must be (if you are a Spoo trader, that is) worth
a couple of hundred dollars (against ten times that much!) to have a go.
In the event, you're stop was never in jeopardy.
At 12.30 and 1.30 there was a double bottom on the re-jigged S1 to get you
out, if not put you in to bat again for the boys going north for the MOC on
the Pivot!!!!
Today, the gap up to Yesterday's High (and failing to take it out) must have
said a lot to seasoned traders of the S&P. Going short on the open, with a
modest stop behind R1 would have yielded another ton of money - for
virtually no risk, once the trade was in place and the southern approaches
dawning...
Of course, it is not easy... and certainly not as easy as 1,2,3. I just
wanted to point out the potential was there and that no one on this forum
had pointed it out (as it could have been done in advance), so I just
wondered whether this was too simple a type of trade for something like the
S&P.
It worked this time (and for two days running!) but might have cost you a
couple of hundred bucks instead - but I should imagine that would be quite
good on the Spoo. I know my friend would think such a stop quite cheap...
As you say, tomorrow may be a buying opportunity. But I am never in over
night, so who cares. There will be a road map for tomorrow, when it dawns
and we've seen what Globex has done...
Bill
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