10-31-2006 Trade Review of the Day

Old Stuff Still Works Too: Especially w/ 3+ Convergence


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First thing that that jumped out at me was the 55-tick chart. It was Double Top, TRIX DIvergence, and Trendline Break- all in 1.

Add to that, a recent 2nd NYSE-TICK hook- which was just icing.

BUT WAIT, THERE’S MORE!

The 610-tick Price & TRIX also rolled sout at the same time…You can’t get any more of a gimme entry than this. So I was in at 768.70, now the only question was where to exit. I drew a FFF- on the 610-tick chart and gave me a target line of 767.40

Partly due to not wanting to take any chances on giving back any of my daily profit and partly because I was affraid of an overall bullish changing of momentum, I took a very conservative route & exited when price got 1/2 way to the target at 768.00

Its plays like this where having the FFF really has given me a much clearer insight as to where to take profits. 99/100 I’d take this entry, but in the past some times I would have gone for 2t, other times 2tr, and other times a Trend play without really knowing where to get out. It certainly has filled in a huge void in my trading toolbox and thankfully I’ve seen nothing but a great deal of profits since. I only hope to see my good fortune continue.

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