Real Time e-mini S&P Trading, plus contrarian commentary on all the markets, all the time
Monday, March 16, 2009
Why I sold my longs
Here is a five minute bar chart of today's e- mini session. I was long two units but sold them both at the green arrow. Why? The red arrows point to a 5 minute bar that I thought was either a breakout bar or a buying climax at the time, but I didn't know which. If it was a breakout bar the market would have continued up right away or after at most hesitating for 10-15 minutes. Instead we saw a steady decline of more than 25 minutes which broke below today's open (purple dotted line) and retraced more than half of that wide range bar. I concluded that it was probably a buying climax bar and so I got out.
I am still looking for a chance to get long again. I would only consider getting short near the top end of my range estimate for today (blue rectangle).
Subscribe to:
Post Comments (Atom)
1 comment:
Hi Carl and Friends,
carl, I fully agree with ur saying. Few days back, on ur Blog, I predicted a return of 40 percent from the recent low. So, I strongly believe that Happy Days R Here Again and Investing / Trading Community will enjoy this period being on Long Side.
Regards,
Post a Comment