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I will wait for the "news" to blow over. I will not cover DURING the news spike, but I didn't say I will not cover AFTER the news spike. If the market happens to stand at 1020 when a few hours have passed and I believe the news effect has gone, I will cover at 1020. The point is I will not cover...

That's why I have double insurance. First I have a 20 point soft stop. Second, I apply adequate leverage that I will not be wiped out in any event. Undertrade, always undertrade. ("Market Widzards" again) Even if you have a hard stop, you are not safe from 100 point gaps if you are...

Your system can have some freedom. Discipline means you have to follow your system, not your system cannot have any freedom. One trader in "Market Wizards" summarized this point up nicely.

Where is the market before the blow through to 1015? If it's already at 1010 without news, I would have stopped. Are you suggesting a spike follows another spike without any time in between? I have never seen anything like that.

We are definitely not communicating. My stops are soft. I shoot for an average of 20 point stop, but it may actually be 15 as well as 25 points. If today's initial jump to 1010 was followed by a drift-up all day, I would have stopped somewhere in the 1010 area. It may be at 1008 or 1013. I may...

Somehow it's very difficult to make myself understood. My 8 point target is associated with the current 20 point stop. If I use a 100 point stop, the target will be adjusted accordingly. This has been said in previous messages. In the book "Market Wizards", one trader said "your every...

Good observation, because this is the "no fear, no greed" experiment. My method is primitive to some of you, but I tend to think methods are not as important as some other things.

You made some good points but missed one important factor: leverage. I agree that your comments apply to someone who is overleveraged and cannot survive a severe adverse move. Think LTCM. However, if LTCM were leveraged 1:20 instead of 1:200, there would not be any story about it. Greed kills...

Except for the first hour, the market is indeed having a lifeless day. (I know, as soon as I speak, things change)

Basically, my rule says that I can open positions and take profits but not stop out on spikes. This is one of the reason I don't use hard stops. One of the lessons learned a long time ago.

So far it seems to be gap and crap (I could be wrong as always), but the Intel effect is considered over now. If ES revisits the 1010 in absence of other "news", I will have my finger on the buy button.

No, my system has a down bias. I will be a buyer when it has an up bias. I don't think ES rising over 1015 will change the bias.

I will think about covering when the effect of the news is over. If there is follow through, I will stop out. If it's gap and crap, I will wait and see. New high doesn't mean much to me.

Sudden move caused by "news".

Apparently you are giving advice without knowing the full context of this trade, as part of an experiment. I don't blame you, not many people have the time or patience to read from the beginnig of a thread. They just jump to the last pages and conclusions. No stop on spikes is one of my...

Agreed! Otherwise, why are we here discussing? We'd be lying on a Caribbean beach, wondering how to spend the millions made from the market.

I was wrong about the day, again. ES jumping back to my stop area due to Intel News. No stop on spikes but may stop later in the day, depending on market follow through action.

4 point range (999-1003) overnight, no economic data release expecting another lifeless day, rather spend the day watching paint dry

We are all students of the market. I have been in this game long enough to know not to look for gurus and trade exclusively on their advice. However, on various boards, I do see some people consistently make better calls than others. After some time, I want to take consideration of what these...

Well, that depends on the timeframe. Short term, the market is always wrong. Long term, the market is always right, after we are all dead.