09 November 2007


I usually trade off pivots where I feel traders will either be waiting to buy or take profits...either way, those price areas usually give a clearer picture of who is in charge. If I want to buy in an area where I believe there will other buyers or at least some shorts taking profits...the action at that area should either confirm or negate my trade ideas in a fairly short time...if I don't like what I see, I can usually get out of those trades with fairly little damage...this is not one of those times as I have absolutely no feel for where the market is headed in the short term...so we'll sit in cash until we can find some sort of range to play around in that is smaller than a 100 points...
For all those shorts, congrats...jfg.

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