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Chart Folder - January 3, 2005: |
Not a bullish bias day by any means...The Open Gap trade worked, the Gap Strategy was on the 10 o'clock bar...and I don't trade that bar. Second candle below the MA would have worked...but I did not take that trade. The second candle above the MA after the db at 11 o'clock was good for 3/4 of a point. I was yakking away during the 12 o'clock flop and felt we did not have enough room to pull the trigger...could have taken a small risk trade, as I pointed out in the room...Remember what the Market (ES) likes to do during this time zone. Rest of the day was in a choppy consolidating descending channel...not worth the risk or even watching; except after the 3:00 reverse (did not reverse) it became a possibility...and we had the magic numbers....but not a confluence; just higher risk. Tomorrow is Turn Around Tuesday...more than likely we will see a retracement. Any comments...send me an email. Marsh Trading joke of the day...Some people are so indecisive that their favorite color is plaid.
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