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Re: If you have time for this.
My humble observation - that was a nice strong downtrend. Why anyone wants to stand in the path of an oncoming train is beyond me. That's the issue with pivots and other static lines like that - during a trending move, you are going to get killed. Now of course the argument is that the market does not 'trend' much and in the general discussion that is true; however, in daytrading where you are going for intraday moves, the market can 'trend' much more than what the talking heads on CNBC discuss or much more than your account can withstand.
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