of stock market psychology
Hi Steve,In your pre-open post you wrote: "A good report will take prices to the 30-minute M/A envelope of .5%. This would allow me to short and wait for a 30-minute close beyond the envelope (hopefully at a very small loss)."Does this mean you would short when price touches the lower envelope channel (right now at about 1306)? And what do you mean "wait for the 30 min close beyond the envelope"? What would you be waiting for? If it closes ABOVE the envelope, that's your signal to close the trade, right?
pima,If I can short near the upper envelope on an M/A then I have lowered my risk. Shorting at the upper envelope then getting a 30-minute close above the envelope would mean a smaller loss, good risk-reward.
okay, I see now. Thanks!
Steve, at what point are you buying more SDS?
Silver seems to be playing out a triangle; from the peak on 5/11 at 39.50 (A) to a low on 5/12 at 32.30 (B). If the triangle holds, then we should have a push up to your target of $39+ for a good short position as I1 continues down. Don't know how this triangle works in the overall EW count, just noticed it.DennisP