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The Market took profits this week finally giving the shorts something to cheer about.
Corrective moves are tricky as we can get explosive moves to the upside that squeeze shorts unmercifully before rolling over again.
Take stop outs, try one more time without being stubborn is how we like to play it.
The Umbrella trade is a powerful downside thrust that usually has a snapback reaction rally. Nimble traders with profits willing to risk can play the bounce but often we need at least 80% of our expected target hit before we can think about trying a contra.
Today’s end of day squeeze on weekly shorts showed just how powerful these slingshot trades can be.
@eminiwizard
March 8
Thanks to all for your likes and interactions with us this week. Best wishes to all for a great weekend whether you are long, short, or in between. “We are never too short as long as our feet touch the ground.”
Timing, risk and reward, psychology all important factors in trading and perhaps the least understood ow.ly/oDGP30nYDyc
Understand the bigger picture to be a better Day Trader. No one size fits all ow.ly/qIRd30nYwGE BTFD has failed all week long: Inflexible and extremely biased traders with blinders on do not have an edge
8:00 E 32.75 gets hit in my book b4 done risk reward the problem. 28 next support
6: 31 E 2718 support 18/22 ow.ly/icEq30nYiTQ mission accomplished
Musk Rats by Armstrong
Breakfast of champions New Orleans style : King cake, fruit and java. Too early for Bourbon
Yes we can. Have a great day and thanks for reminding us of that simple truth
MATD works again, who’ud uv thunk it? ow.ly/pVfx30nY9EN Step by step
7:59 PM E pay day if shorted matd is 2745 to 43.75 #odds trade
Latest Post: Testing for Support ow.ly/uYpu30nXWRL #EMWS
Martin Armstrong
Musk Rats
There appears to be an all-out assault against Elon Musk that is spreading between agencies. I have written about the SEC who is demanding Musk be removed as a director of Tesla. They did not seek such sanctions EVER against any of the bankers who really did screw up the entire world or caused the global meltdown in 2007. When the five NY banks were finally charged criminally, no individuals were put in jail and the SEC then exempted them from losing their license. Anyone outside of New York is ground into the dust.
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