Wed's CPI or PPI or whatever news release shot upward taking out stops. I'm pretty sure a lot of people playing the triangle pattern got taken out. The spike up peaked on a timeline of one chart and bottomed on a timeline of another. On the 4H, price squared up right at 90 deg. price and time and my cycle line before continuing south to the bottom of the larger triangle trendline. 2 winners, 1 smaller loser, 1 b/e on the whole position. In hindsight, I should have closed some if not all of the position when price got in a small triangle. I knew something was up and was thinking a Ross hook might catch me on the chin which it sure did. Either way, the cycles proved to be accurate even though my execution in the end was not.
Thursday, November 20, 2008
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