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<DIV><FONT size=2>Congratulations on overcoming the significant psychological
barrier of re-entering a broken trade!</FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>I had time/price/pattern signaling an "ideal" short trade
opportunity. My short was filled Thursday on a stop order placed
one tick below the low of Wednesday's inside day and
placed protective stop several ticks above the pivot high. Given the long
run-up in crude and the time/price resistance, I did not feel that a stop and
reverse at the pivot high was warranted i.e. if my trade was busted I wanted to
be flat, not long. Having been busted on a high probability trade, I was not in
the right frame of mind to place another short entry on a stop one tick below
Thursday's low - if anything, an even more "ideal" trade than
Wednesday's ID setup. It was not until it was too late to execute the trade
that I realized I had missed out on a significant opportunity.</FONT></DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV><FONT size=2>Earl</FONT></DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV><FONT face=Arial size=2>a. Repeat signals/entries taken in the same
direction as originally triggered generally have a better payoff even though
one may get stopped out due to uncontrollable factors. Just because one gets
stopped out does not mean a high probability setup has failed. </FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>Psychologically, though, it is difficult to
re-enter a broken trade.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>b. When the ducks quack, feed them. I like to
take profits on range expansion bars.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>c. 19 cent cost of call spread
protection was worthwhile for insulating overnight gap risk. In effect this
got reduced to 6 cents. This spread is 13 bid 17 offered right now, with Crude
at 1790. I hit the bid since I want to go home flat for the
trade.</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>I have other open positions in this
market.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Regards</FONT></DIV>
<DIV><FONT face=Arial size=2>Gitanshu</FONT></DIV></BLOCKQUOTE></BODY></HTML>
</x-html>From ???@??? Sat May 08 15:53:27 1999
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