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That makes sense, that low was the target area for the short trade I didn't take. I did consider going long after the low was put in, but same problem... I got hung up seeing resistance on the 5-min chart and didn't take the trade. I do look at daily chart levels and have them in mind as...

One problem I sometimes have with this is too many lines. Too often lately I come up with a line that makes it seem like I'll be buying into resistance or shorting into support and talk myself out of a trade. Maybe I just am not skilled enough at reading market pressure and so I'm not able...

Interesting... I'll have to dig into this and come back with some questions.

Red's SPY chart looks different from what I've been seeing on SPX, so I compared the two. Interesting the SPX is still above the trendline, while SPY is below it... I can only guess this must have something to do with dividend adjustments or something similar. :confused:

Very similar to what I've been looking at bigger picture on SPX. What do you mean by the line could become a right shoulder? I see a possible H&S on the daily and potential right shoulder could have been put in this week. Just wondering what you mean by right shoulder. Thanks and good chart...

Dude, that's awesome. I can't wait until I can make as much in a day as I once had as my entire account balance!

Wow, you aren't afraid to put on some size. Did I misread the screen or were you in 36 contracts on that long trade at the end of the vid? :eek:

So you were looking for a push lower to 12600 before an up move, and then the real down move. In any case it looks like the weekly upside is in, so are you now on alert for the expected big down move?

Nice charts, I've got to get better at noticing these things. Hope you'll continue to contribute here.

I discovered that X was Yoohoo a while ago, but didn't want to blow his cover. I've read through the old posts more than once but have to say EMTL's are a bit beyond me at this point so don't worry about me PMing about how to use them LOL. But it was only recently that I saw to my surprise...

This could be an interesting journal, looking forward to seeing how it progresses.

I've known guys whose wives never give them credit for anything. That can happen no matter what line of work you're in. LOL :D Life can get lonely as you get older. I'm seeing it now, in my 30's. Some friends have moved away for career reasons. Those that are still around have...

It seems the big problem in trading is the isolation, which can easily lead to depression. All the other downsides..... stress, bad back, big belly, etc can all be found in other jobs be it doctor, accountant, customer service, plumber, cubicle monkey... The feelings of guilt.... I think...

Thanks, I was already short as I should have been, but took profit impulsively and so needing a place to re-enter I used the entry shown in my post. Just was wondering if it was ok. Sadly I churned away most of my morning gains trying to snag the reversal off the lows which never...

X, could you give an opinion on this line? It's a 5-min ES chart. Price gave a backtest of it and headed lower. But just because the line "worked" doesn't mean it's sound technique, it may only be due to coincidence. Would you consider that line a valid structure? Thanks

Longer term look... SPX looks similar to this, Q's almost to upper channel limit.

Actually, yes, I do know a guy who says trading is easier. He said that when he started trading in the 90's he was paying $30 each way in commisions, had to phone in his orders and risk getting ripped off by crooks, only got his charts once a week in the mail, got market news days late, and...

Ahh... the old trading is/isn't impossible argument again. Always such a popular subject on ET. :) People say the game has changed, the world has changed, the market has changed. But hasn't it always been that way? I've read interviews from the 1980's where people said the same things...

X, I'm going to hazard a guess that the FTSE downtrend from the 2007 high could be the big technical hurdle. Looking at a weekly chart of it. How's this for simplicity? First test of the line in late February resulted in a weekly doji close and then a pullback. Next test of the line a...

Thanks, it all makes sense now. :)