Mar 20 2008
Today’s Trading Look-Back – March 20, 2008
After today I just about wanted to throw myself in front of a city bus. Talk about frustrating!
The market opened a bit above 1300. The key reference levels were 1301, which had been the level on Tuesday below which prices were rejected. Then there was 1317, the top of important value areas from both Tuesday and Wednesday. Higher up was a minor level at 1324, with the next big level coming at 1335, yesterday’s point of control. Below was 1293 where Friday’s point of control was, though given the flatness of that day’s value zone, it wasn’t a great reference point.
Apologies for the tightness of the graph, but I wanted to be sure to show the full picture so you can see why I was such a dope.
As was proper, I used the dip down from the open toward 1300 to introduce a long position. That good action was nullified by my bad one – putting my stop at 1296, just one tick below Tuesday’s and Wednesday’s lows. I got stopped out. The market dropped down to 1295.50, the turned around and eventually ran al the way up to just short of that 1334 level with very little pain. Instead of taking a 30+ point profit, I lost 5 points.
My head hurts. 
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