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Your exit occurs when you reach the target so you are flat looking for the next
EP. There was another move to a target on the upside which took place intra day
with an exit target which was hit. That one doesn't show because once the target
is hit the cycle is void. If you look at the matrix, if you were trading one of
the longer cycles you never exited because your stop wasn't hit. The cycles are
like a magic trick. If you have seen a magician keep taking smaller boxes out of
bigger ones that is what happening here. You are trading one cycle inside of
another. The key is to know where you are. If you are trading one cycle and hit
a Price Objective and you exit because there is supposed to be resistance there
you can drop down to a shorter cycle or lower time frame for an entry. There are
always two trades. One up and one down and they can both be working at the same
time only on different cycles or different time frames. I gave the exit in a
post on Thursday in a post. I don't know if you saw it or not. As for trading,
I never open a trade in the first half hour of trading. That is when the
specialists and market makers handle their orders, the imbalances based upon some
news item, or some other event that might cause a violent move. When I traded on
the floor it was the first half hour and the last hour that were the most
profitable. In exiting a trade I may put in a order before the opening to take
advantage of any price distortion on the open. After the first half hour you
could, more or less, rest for the rest of the day. Ira.
Alex Bell wrote:
> Hello Ira,
>
> I combined two matrixes for February 25. You posted them on February
> 24 and 25.
>
> First, I see you was short QQQ by Monday February 25, did you?
>
> Second, I see on Monday you closed previous short and entered long and
> exited long on target. Right?
>
> On Monday QQQ gapped above entry point of 33 13/16 for long and never
> touched it. So my question is: how you maintain such situations -
> particularly what price was and when you exited short position and
> entered long on February 25? Right on open?
>
> Thank you, Alex.
>
> mailto:alex_bell@xxxxxxx
>
> Tuesday, February 26, 2002, 4:15:05 AM, you wrote:
>
> IT> Exited at targets waiting for new entry price. The longer cycles are
> IT> shown here and the completion of yesterdays shorter cycle. There was a
> IT> second trade to the up side that appeared during the day.
>
> IT> To unsubscribe from this group, send an email to:
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>
>
>
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> ------------------------------------------------------------------------
> Name: Matrix_QQQ.gif
> Matrix_QQQ.gif Type: GIF Image (image/gif)
> Encoding: base64
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