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SPX 1325 is a potential double top AND also 162% Fib projection off the major 1,2,3 of June - August swing. That is the big sell-stop magnet hovering above right there. We'll see what happens if/when that big mark is hit

fwiw: today was rather easy to trade eminis... in the afternoon session Gap-open sessions can resolve their morning action in seemingly endless ways. But gap-open afternoons are highly predictable. They either fail and give at least one solid reversal move (or more) like Monday did, or pull...

<i>But... when the trade signals are clear buys, trusting the charts and fading my nagging logic / emotions is usually where the trend truly is.</i> riskarb, the natural logic - belief - prejudge is often our first instinct. That's what I meant to say. Acting on trade entries according to the...

After two days of chart action, it appears the Fed has not lost its cred with markets. Onward & upward they went... intraday buy signals on several dips (outside 11:30am ~ 1:00pm est) both days. The point I tried to emphasize here yesterday morning was <b><i>to not prejudge future price...

Steelhead, last two weeks of August tend to be just like this, before things slow right down from there (laugh) Basically, it's all about program trade spurts in between coiled congestion from now until mid-September. Tradable, but tougher due to less opportunities of entry = exit...

<i>"There is no fear in the present moment. Most of us come to trading to make money but discover we need to learn how to free our consciousness from fear before we can open the treasure chest. To cleanse our consciousness means avoiding criticism, aggression, violence, thieving, falsehoods...

<i>Trading real money after just reading a book is like reading "Learn Judo in 7 days" then telling an enemy, "alright now, come at me with a knife."</i> Luke, that is hands down the best analogy I've read in months if not years! Mind if I quote it? (just kidding, it's yours) I've read so...

riskarb, I'm not here to sell anyone anything. A quick check of my profile shows links to nowhere. I am here to fill some time while trades are working and/or waiting for trade signals... staring at the charts between activity is hard for me. As for giving advice? The best advice I can...

I'm purely an intraday trader at this time. The only thing that matters to me is one signal, execute that and move onto the next. The only reason I posted anything to begin with was pointing out how most traders (myself included) tend to draw logical conclusions as fact based squarely upon...

riskarb, from 9:30am thru this moment in time (11:25am) we've had buy signals only in the ES and ER. Where it goes from here is anyone's guess... hopefully -20pts lower and all of us are along for the short-side ride. Until that happens, we cannot assume the Fed has no cred with the market...

So far today I've seen nothing but buy signals in the ES - ER at each low dip. Could see sell signals emerge similar to yesterday, and would sell into it myself with size... once downside failure is actually underway. That said, we cannot assume the Fed is dead until the markets actually...

James, before you can project what the market believes per the Fed, you must first <b>patiently</b> wait to see how price action finishes today = this week. The statement of: <i>"Im not sure if this will hold up. That leads me to believe that the market doesnt trust the fed."</i> already...

I learned to trade thru an extended period of time starting before personal computers and the internet existed. That made my journey much longer than it should have been, with hard lessons learned retarding my growth along the way. Typical of most traders in the learning process, I went thru...

Ripley, your points are well made after much careful thought, that is very apparent. From what I understand, your stance is that only a few professionals make money at trading, thru inside knowledge or market manipulation. I interpet you also mean to say that only professionals make money...

It is an absolute fact that x-number of traders file professional status with the IRS. It is a fact that y-number of CTAs manage money professionally, with audited statements for pool members. It is a fact that z-number of private, retail traders make money more years than not. Those are...

I have no opinion of Kingfish to share. I will say that anyone trying to sell an intraday trading "system", i.e. trading approach with <i>defined entry - management - exit points</i> will always (without fail) meet with despair. That is an absolute fact, because any defined system with rigid...

Today's emini trading: #1: Markets were short-term oversold at Wednesday's close. #2: Overnight news of thwarted terrorism dropped ES & ER futures -6pts before the pit-session open. Prior terrorist threat sell-offs have been reversed upward for the past couple of years. #3: Price action...

Coolweb, you are 100% right about the degree of challenge in emini trading. The volatile buzz (noise) compels too many traders to become scalpers, which is a quick death for most who do not survive. One way to avoid much of the noise is trading 9:30am ~ 11:30am and then 1:00pm ~ 3:30pm...

<i>a stop less then 7 ticks or so, will get stopped out even if you are right in the direction. They just love to run around your entry for fun.</i> That is very true... a $70 per contract stop in the ER will almost never hold unless the entry is perfect right ahead of any directional surge...

If I may add personal experience(s) myself: As an OEX - SPX option trader from mid-1999 thru early 2002, days like 8/08 would have been pretty tough for me. I'd try to guess market direction ahead of the Fed news and adjust trades accordingly. By the time I was long puts one way and/or long...