Hope Springs Eternal
Every short in the world waited…
Please, just give me that really good trade. You know, the 15 pointer or so.
Sigh. They were howling at the moon.
Shorts want sell off late day.
Enduring pain that must seem like child birth, the market squeezed higher in a ratchet-type move.
Every dip met with a buyer.
Like an inchworm crawling , the machine methodically said “Not today”.
The base chart said “Trust me”.
The intermediate chart said “me too”.
@Misstrade said go play golf. He obviously had the right idea.
The 64 was the Pivot point, the 64.25 the Angel , and we choose 62 as support.
Our belief was that the morning trade was up for the gap(s); but fade the higher high into the 71.88 T1 target. We thought the market was going to catch a few turtles who stuck their neck out in a breakout.
Just a psychology play; our thinking was that players would take their fast money and not hang out all day for the few remaining points to T2 (74.75). R1 was 74 today.
Time is a valuable commodity, and must be respected.
A real estate friend of mine taught me a lesson a long time ago about rabbits and elephants.
I can still hear him saying: “We want to bag the big game, but until then we must hunt some rabbits for a stew that will sustain us until we catch the elephant.”
Hit and run, capture something.
Speaking of running, thank goodness we didn’t hit 78 today. We were spared Triple Seven singing one of his favorite songs as he danced down Jeffrey’s street…