http://www.bostonwealth.net/2009/06/29/morties-intraday-29jun2009/ Stock market commentary, fundamental & technical analyses on the financial markets Tue, 07 Feb 2012 22:52:46 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.bostonwealth.net/2009/06/29/morties-intraday-29jun2009/comment-page-1/#comment-181 Mortie Tue, 30 Jun 2009 00:28:32 +0000 http://www.bostonwealth.net/?p=1594#comment-181 Mr Trader ~ the ellipse helps me with patience. Because it is a time and price tool, it helps me to wait for the ellipse to intercept the market. Sometimes when it gets close and I am at a significant reversal level (eg. 62% retrace) I will fade the trade as close to the 62% as I can to minimize my capital exposure. Anyone who has followed any of my trades knows that I only like to risk 2-3 pts. on a trade. FYI, I use a close beyond the ellipse as my signal that it is not holding. Today's ellipse at 912 was at about the 62% retrace level but the market was falling like a rock. I allowed the market to spear through the ellipse a little and it did hold. Mr Trader ~ the ellipse helps me with patience. Because it is a time and price tool, it helps me to wait for the ellipse to intercept the market. Sometimes when it gets close and I am at a significant reversal level (eg. 62% retrace) I will fade the trade as close to the 62% as I can to minimize my capital exposure. Anyone who has followed any of my trades knows that I only like to risk 2-3 pts. on a trade. FYI, I use a close beyond the ellipse as my signal that it is not holding. Today’s ellipse at 912 was at about the 62% retrace level but the market was falling like a rock. I allowed the market to spear through the ellipse a little and it did hold.

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