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The Wave Structure was in place before the Fiscal cliff news. Time and place to get aggressive. Strength bands went negative to max positive in one swing, either heavy buying or shorts got careless or lazy or a combination. Potentially explosive. Should say - this made the quarter, not just the day. My year end bonus I guess
Congratulations on the great trade. I saw that price was below the previous day swing low way back to August the 2nd of this year and was also below the 15 minute DP. Now I notice that there was divergence in the STF. Wish I had taken that now.
One trade doesn't mean anything Don, but thank you. Look at this - Critics will say the Fib extensions match the MTP zones exactly, that because they are. So why trade fancy fibs? - Pros front run them all the time, and they do
Similarly, the pros all know where the Profile targets are - and they front run them too, it never got to 62, it probably will (overnight or Monday)...but the point is, If I am running a 100Million dollar hedge I know all about MTP or Fibs or Profiles and what not. Better than me and you, But we have an edge over them, we can change our minds and positions more nimbly than they can. A singular trade like this helps one reaffirm that a sub standard month of trading turned around in minutes because of position sizing alone. BTW - you can make an educated guess where it would be a prudent (cautious) place to take 95% of my position off, rahter than the looming profle target above. Probabaly too cautious, but oh well!