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I was thinking the same thing.

Looks like another EW practitioner came to the same conclusion a couple days ago: http://www.safehaven.com/article/25100/daily-analysis

Fool, thanks for giving your perspective. :cool:

Subconsciously, I believe this is what is causing me to hesitate. Look at the SPY, teetering on the edge of the 50 SMA, bear flag right out of the text book, momentum coming out, and the overall picture could be counted as a B wave on the monthly chart. B waves are "phonies" according to...

That looks very ominous. I wonder what Ben is thinking. Will he let it correct ?

I sometimes find myself changing out of boredom. The one think I've learned to never change is low risk setups. The downside risk is always minimized.

My losses have been the great motivator to find out what actually has worked, and when, then create a plan to reproduce the winning trades and meditate on them continually. After that point, losses are actually easier to deal with than wins. Wins are far more stressful for me. It's like...

+++ One of the most famous (and successful) system traders of all time once said "I will not trade anything unless I can put its long term chart across a room and see a trend" He also said he was a trend follower who used pattern recognition, and that his dad once taught him to "buy when...

Where is grand when you need him.

I agree with this theory, though the second group is definitely the smartest. They know when The Market has discovered a temporary price that is becoming out of whack to the remaining possible transactions. The look on the chart is priceless.

Is the market going to go up or down?

"How much of this am I willing to lose?" -what I ask myself every time I have a paper profit, right before I raise my stop

Position did not launch thru the buy stop so I canceled it. I'm not sure what the general market is doing and it is important to speculate in the same direction as the prevailing trends in the indexes. The setup is still there but I'm not liking the general market conditions.

Do please tell us, KC Capital CEO, are you bullish or bearish at this time?

He also blew up (pun intended)..... several times. :D

All the way down the slope of hope......

I believe it's because you get paid by The Market for going against your emotional impulses. You provide a service to the gamblers who choose not to. You create the game, you stack the oddz, and you set the bet limits so other people can have a good time taking the other side of your trade...

I wonder what would happen if the profit target was traded for a trailing stop..........

Tail Alert: UGP: Buy Stop 22.87 OTO sell stop 21.73 GTC; 170 shares for 2% initial R. Buy signal = B wave breakout per Jeffrey Kennedy method. Additional clues: Momentum divergence, narrow range bollinger band breakout with widening width, 50 sma bounce, volume ramping up after a local...

I think you have a good strategy, based on your latest long watch list. I've tested this same strategy and it works best in a bullish general market. I would strongly suggest switching the signal around to the short side if the market turns! I like using a 10 EMA on the SPY for my market...