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futures look oversold


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#1 rkd80

rkd80

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Posted 10 August 2007 - 12:05 AM

I am going to take a small long position on YM + ES with stops just a hair under AH's low. couple hundred risk. Seems like the risk/reward here is to the upside, with the OS readings. Even if we rally during night into morning we might revisit the lows by 10:30 so I will need to slap on a trailing stop later, but I sure am favoring the long even though its a counter-trend trade. Cant go short, right?
“be right and sit tight”