Homework for Wednesday 2008.11.19

18. November 2008
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ESZ8 - Once again, wall of fire at 865 and now edged up against the downward trend line.  Sell this level.  Ride it down to 825 once again and watch that level finally break (see post History Repeating Itself).

 

 

16:00 CST Summary - Textbook!  865 tested multiple times, broke to 804!

Lesson -  Multi-lots make it so much easier to trade (2 or more).  If you are within your "sweet spot" area, you can add on the pullback and get out early on profits (perhaps at the entry of the first contract).  That way if it turns around once again and you get stopped out, it eases the pain (or even makes it a winner).  Or, if it does work out, you have even more gain. 

Homework

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