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<DIV><FONT face=Arial size=2>An Inside Day followed by a Narrow Range day that
was almost inside the inside day, was bound to spark something. The odds
were definitely on for a breakout. Had to be. If it wasn't going
south - and the re-entry from the south through yesterday's low confirmed that -
then the chances were that it was going north. No one would know how far
north and the concept of nearly a 50 tick range and a really beautiful and
consistent trend in one direction was almost beyond belief...</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>The point is that you have to let things run and
believe what you see, trust what you know is likely to happen at key points of
the map, and then the ride becomes very sweet. However, you may have
to go through pain first: having rejected yesterday's low at the
very start of the day, it would have been surprising not to have gone long too
soon. Gone long and then found the market coming back and hitting
your stop. In fact, when the original intraday low was breached, it would
have been natural to have reversed with it. Second losing trade - not what
the day is supposed to be about...!! </FONT></DIV>
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<DIV><FONT face=Arial size=2>The re-entry, as it were, through yesterday's low
would have had you long again and this time you were right and right again and
again and again, as the milestone were passed and the measurement of your
progress kept you going and making up for the two wrongs that did, contrary
to the usual statement, eventual make the right.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Trading is all about believing what you see, when
you know what you are looking at is right by the book even if the market makes
it wrong. This is where the correct application of a risk reward strategy
comes into its own and lets you take the punch, roll off the ropes and be still
standing straight again to crack the winning hook when you see your
chance. </FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Once you know how your market works, you must let
it work for you. Then, when a day like today comes along you do very, very
well - even if everybody else, maybe, says it's luck! They may not
be wrong, but the point is you were right, because you did the right thing and
it was indeed the right time...</FONT></DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Bill Eykyn<BR><A
href="http://www.t-bondtrader.com";>www.t-bondtrader.com</A><BR>"Learn to read
the tape"</FONT></DIV>
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