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Hello Ira,
Thank you for explanation. I hope I got it in general.
Do I understand correctly that
a) 2 cicles are working now: long 37 1/16 AND short 34 1/8?
b) today was entry on short side - short QQQ 34 1/8 ?
c) you mentioned stops ("if you were trading one of the longer cycles
you never exited because your stop wasn't hit.") What stops you are
referring here?
WBR, Alex
mailto:alex_bell@xxxxxxx
Tuesday, February 26, 2002, 10:38:01 PM, you wrote:
IT> Your exit occurs when you reach the target so you are flat looking for the next
IT> EP. There was another move to a target on the upside which took place intra day
IT> with an exit target which was hit. That one doesn't show because once the target
IT> is hit the cycle is void. If you look at the matrix, if you were trading one of
IT> the longer cycles you never exited because your stop wasn't hit. The cycles are
IT> like a magic trick. If you have seen a magician keep taking smaller boxes out of
IT> bigger ones that is what happening here. You are trading one cycle inside of
IT> another. The key is to know where you are. If you are trading one cycle and hit
IT> a Price Objective and you exit because there is supposed to be resistance there
IT> you can drop down to a shorter cycle or lower time frame for an entry. There are
IT> always two trades. One up and one down and they can both be working at the same
IT> time only on different cycles or different time frames. I gave the exit in a
IT> post on Thursday in a post. I don't know if you saw it or not. As for trading,
IT> I never open a trade in the first half hour of trading. That is when the
IT> specialists and market makers handle their orders, the imbalances based upon some
IT> news item, or some other event that might cause a violent move. When I traded on
IT> the floor it was the first half hour and the last hour that were the most
IT> profitable. In exiting a trade I may put in a order before the opening to take
IT> advantage of any price distortion on the open. After the first half hour you
IT> could, more or less, rest for the rest of the day. Ira.
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