Chart Folder - May 27, 2003:
We had some problems with the Open Gap strategy...no muscle from the NASDAQ. Gap strategy...same problem no muscle from the NASDAQ till the gap was almost filled.
Being conservative I would not recommend taking the risk...but it's nice to know that the strategy works in it's most simplest form. But why take the risk when other scenarios will come a long with less risk.
Case in point...no 10:00 reverse, when this occurs, and you see momentum kick in from both the Dow and Nasdaq and you have a continuation of the trend you have less risk and an opportunity to pull the trigger... see chart for entry and exit. Same scenario with the 10:30...no reverse and second candle above the line, and momentum from both the d and n.
Also in the open chat room we looked at a trade at 12:22 on a breakout that had more risk than it was worth...but we had a lot of muscle from the d and n...to keep pushing prices higher and higher; L 945.50 exit 946.75.
Please keep these scenarios in mind...focus on the 10-period moving average strategy...I know, I know, I did not push this trade and did not use a trailing stop when I had plenty of opportunity...but I at least mentioned it for those who have no fear.
Any questions about these trades or what we saw today...just send me an email or ask about them in the workshop tomorrow morning; same time same password.
I can honestly say that I was never affected by the questions of the success of a trade...if I felt it was the right thing to do, I was for it regardless of the possible outcome.
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