It was another day to buy the dip, this time NQ 10 DMA. It sure looked lke we were going to get some follow through to the downside until Greenspan spoke and oil fell below 61. In this market, hold your nose, close your eyes and buy support. It has not failed for some time. That day will come and probably very soon but until then trade it, don't love it. Some traders find it hard to switch intraday from short to long or vice-versa and there is nothing wrong with that. Just understand that if you play the short side, hit resistance only and take profits, don't hang around. The long side is still the easier trade, but it is getting riskier everyday, so I would not even hang on to that one either. Frankly, this market is becoming a great money maker for both sides of the trade, regardless of trend, especially this past week. The close has been invariably bullish, but intraday has had many good short set ups.
This entry was posted
on Thursday, October 26, 2006 at 4:52 PM.
