rainman2 said:
Hi Rainman, thanks for your comments.
Basically the level i picked was a lot to do with the fact that it was quite a psychological level, plus millions around the world can see it, all thinking about playing the quick bounce, hence stops at various levels around there, NOT just in 1 place. The gap down pretty much confirmed the intent at the time, but as was pointed out by Mr Marcus on another thread you have to see if the market normally makes a V and reverses straight away, if not see what the reaction is on the re-test, hence the drop below 6500 again, which this time was bought up!
As for the positions being taken, well im still doing as much research as i can. But it does help to evaluate what has and has not happened, and the following reactions, and then question them. Take a look at this link by Mr Marcus http://www.trade2win.com/boards/showthread.php?t=23892&page=17&pp=10 post 169. This has some great insight into whats going on, and how to think about the actions and reactions. These posts are more important than you may think, infact they are essential!
So where now? Like I say im still "doing my time", but I do get worried when many start to talk the market up again, so a move down is a very probable outcome (sorry for pointing out the obvious, as it can only go up or down!), but in all fairness would like to see a bit more down side soon, as this will help me with my progression in terms of learning about what I am observing or not as the case may be
Regards
DS
