A question from April 15th, 2005

Question:

Hi Marsh ...I did this Friday and wonder what you thought about it. When I looked at the W forming I thought it would not work because we were mega bearish but coming of a triple bottom and broke above ma, small risk, I thought well it just might b-o, but if not I would take a small profit, which I did. Then I saw the M working off DT and got in when it broke below MA, and mega bearish I did not wait for W to b-o, or the M, I entered early but with what I felt a very small risk but alot of rewards. Any thoughts ?

Check out the chart at http://www.simple-as-123.net/charts/April15-05Friday.png

Answer:

That was my way of thinking...it was just too bearish. I thought it might be the place when on a Friday it likes to make a run for it...my plan was to take it second time through and had my finger on the trigger and the candle turned red...the M went with the trend and I was done for the day so I did not take it. I think it would have been a piece of cake though.

-Marsh