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Monday, June 19, 2006

As you can see I currently have a short trade on in the S&P 500 futures. Most of my trading is pattern based. Friday's inside day with a down close, has in the last 10 years, been a bearish short term pattern. I was already in this specific trade prior to that inside bar being formed.

We will monitor this here to see if in fact, this tendency stays true. The very nature of short term trading is that we must accept a certain degree of random movement in pricing. All that can really be done, is hone in on what has created movement in the past.

Once we have done that, we make our decisions, with defined risk, and sit back and watch. Had today's opening been less than my entry on Friday, I would have exited the trade taking that profit. Since, it was above, I am riding this with the stop shown above at 1277.8.

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