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Flat Trading Day

by George M. Borg on October 15, 2013

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Questioning the Longs today

Expecting Monday's rally to continue, we attempted a trade in the same direction.

There happened to be some targets which had completed overnight, so a long continuation at these highs required proof. Our limit order long at 1700.75 held strong for only a short period of time. An opposing short set up was standing in our way; hence the strong reaction at 1703.50.

Thirty minutes had gone by and price was still at the starting blocks. Not a very comfortable trade and the market sentiment had changed from before. We decided to pull the trade with a 4 tick loss as it soon was followed with a touch of our original stop of 7 ticks.

The remainder of the day hadn't show any confirming direction - so we must write today off and come back tomorrow.

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