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I agree about accepting days like yesterday without looking too much into them. However, a good trader knows how to adapt to different market conditions and this doesn't imply he's trying to predict the future. Example: let's say you are the type of trader who likes to go after big points...

Let me get this straight: you can pick good entries at key levels, both on a smaller and bigger timeframe. You also can let profits run and cut losers short. The only problem you have is to deal with days like today because they won't give you your desired 4-5 ES pts? If that is the...

Amen to the above. Let me add another variable most traders tend to overlook: it's not about %return on capital invested, but rather trading EFFICIENCY. If you have an efficient trading system that doesn't incur severe drawdowns, then capital is not an issue at all. All you need is...

Great post. I couldn't agree more with you.

Alarms set. If ES drops below 1124 things may get a bit more interesting, if not today won't see any of my business.

That pretty much sums up what I wanted to convey. However, I like to take risks when I know the potential rewards. Let's just say this type of price action isn't fitting into my trading plan.

This is a complete mess from a TA standpoint. Trend is clearly up, which makes shorting a big NO NO right now. However, these frequent upgaps have been taking away almost all the fun for daytrading bulls. Right now we are too high to buy and too uptrendy to sell. Will just sit and watch.

Question: what level would you select as the "pre-Lehman level"? Lehman went bust on Sep 15, 2008. Would you use the open/close of that day? Or the open/close of that week? If you choose the open, then we have the following numbers: ES ---> 1218.25 NQ ---> 1762.25 YM --->...

Hi fellow traders. Uptrend is still somehow intact, although bulls are doing a piss-poor effort to move up. It looks more like a controlled grind, which should culminate with a big spike. Very tough market to trade because the volatility is just not there and we don't get many...

Not impossible to reach today if we break down again.

Euro breaking down isn't helping the bulls' cause either.

ES got rejected at 1st try. The problem for bulls is that this parabolic upthrust has no support whatsoever and could be retraced rather quickly. If they wanna take out 1105 they better do it quickly.

Yes, that's a key level for ES. If ES were to break above it on nice volume, then we could really have a big rally. I am still VERY BEARISH right now. We'd need to break above the last few days highs for me to change bias. PS: Although I am very bearish and got stopped out on one short...

You had a great entry on this short. What is your trading style like schizo? By the way, the 4pm rush-hr traffic spoiled your short. Bears are a bunch of whimps who got no balls to take their shorts overnight.

Something to give bears a chance for next Monday/Tuesday: if we close in the green today, this would be the 6th consecutive UP day. You rarely see such an occurence many times in any given year. As an example, in 2009 - a very bullish year - we had 7 consecutive UP days twice: in March...

I don't have any knowledge about such %, so I'll take your word on it. Desperate traders can be both retail traders and hedge funds. You'd be surprised to see how stupid some HF traders are sometimes, just like any of us. Looks like ES is marching north with no sellers in sight. Time to...

You are right, I totally forgot about the BOTS. If your new strategy works, will you mind sharing it?:p

This is a perfect situation - psychologically speaking - for the markets to reverse: shorts have been squeezed twice: yesterday into the close and today after 11.00am. There must be desperate traders who need to make up for their losses and will buy at current levels, with the belief that...

As a daytrader, I don't care which way it goes. I care HOW the market goes there. The big selloffs are short-legged and volatility is quickly stopped by those nasty choppy ranges. We get accumulation for a couple of days and then go up. No reversal pattern that can possibly hint at the...

Hard to argue with that. The old TA patterns have almost completely disappeared. This is a BOT market, very tough for traditional discretionary traders.