"A man is not finished when he is defeated. He is finished when he quits."

Thursday, October 28, 2010

October 28


I had limited time to sit in with the mkts today.
However, I took a two position practice-trade in MCP long near the final consolidation phase of the day; also near the lod. My thought was that it felt like the reversal of the big drop was waiting, mainly because there was so little profit-taking all day, relatively speaking. Unrealized Gains of this magnitude today by the shorts would have to be booked, if the trader had any good sense at all.
And that is where the reversal trader pounces.