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November 9th, 2007 at 3:18 am
Phil/ K1,
Thanks for a great lesson. I do have a question though and appreciate your response. You say:
“When I set a “stop” I am generally looking for what I consider to be a real move against me. Like yesterday, I was going to sell RIMM $130 puts against my March puts when the stock broke above $133, it did “break” it many times during the day but it wasn’t until the last one (3:30) that it looked real enough to act on (and even that turned out to be a fake but it was too close to closing to take a chance).”
According to Fibonacci rules – even in a normal trend you have trace backs. So, How do you determine a real break versus a fake?
Thanks!