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Chart Folder - May 21, 2003: |
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Hi Subscribers...I just want to
mention something that I very rarely talk about; guess it's
because I don't often teach in the afternoon.
Most of the time when there is a
large range in the first hour (over 5 -- 6 pts.) the old
adage that the high and low of the day is within the first
hour...can keep you safe if you really stop and think about
it. Just remember as you approach the high or low after the
first hour you must use extreme caution. Maybe wise to wait
for a pullback or look to short after it makes a new high in
the afternoon...or vise versa if a new low. I look for mom
and put my target above (or below) about 1-1/4 points...major
rule; must everything going my way. EVERYTHING! If there is a
small range it's not as critical, but use caution.
Keep track of this nuance for a
month or so...when you are studying your charts at the end of
the day; check it out.
No big deal with this chart
today...just want to point out the 12:30 breakout, and also
the chance to catch the one o'clock move in the afternoon.
Prosper,
Marsh
Thought for the day...
No matter how successful you
might become or how much you achieve, somewhere along the way
you will make a mistake. It’s not the mistake that ruins
people. It’s how you react when you make the mistake! We can
see three things that show us how to handle mistakes.
1. Learn from your mistake...keep
it in perspective.
2. Don't let you pride (ego) keep
you from going on.
3. Get back in action as soon as
possible.
Mistakes are a part of
life...Learn to get back up and back in there as quickly as
you can.
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