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Anyone else smell a buying opportunity here?

It is if you have a quarter of a million people who believe in it. :) Is celebrating Christmas and Easter natural action?

While I'm as guilty as anyone it occasionally attributing the market's price action to some small secret cabal of omnipotent evil-doers who use the Dark Side of the Force to make our trading lives miserable, in calmer moments I wonder whether we're guilty of anthropomorphizing what is actually...

Power back. Omelet cooked. Tea brewed. I see ES did absolutely nothing while I was gone.

Closed out my long at breakeven. I'll wait for a better entry. Maybe I should go make that omelet now...

Jumped the gun. Not a good entry. My pennant just became a flag. Yipes: Just lost power. Thank goodness for the UPS and diesel backup generator. Is this God talking to me? Should'a stayed flat. :(

Ignoring the news (which I try hard to do), I'm a little confused about direction here, but my best guess is that the market action for the past hour should be thought of as a pennant continuation formation, and that we can look for an upside break later today for a run at new contract highs...

Dunno, A., but this is the second day in a row that my best trades have been initiated in the Globex session. It's easier to trade when "they" are asleep. Might be tricky to play 100 contracts, but I sure see plenty of 20s and 50s being traded in the overnight on the ES. (NQ far less, and ER2...

Second unit stopped out by trailing PT at 1562.25 for +7. Now flat, dumb and happy. :)

Good grief, what a beautiful bull run! PT1 hit and filled at 1565.00 for +9.75. (Decided to set the limit order just one tick below rule of 10. <g>) Still holding second unit for new contract highs, and will be trailing stops up aggressively here. Apologies to B1S2, but it's my plan and...

Just woke up to a lovely sight on my computer... Limit order I left to buy a second unit at 1555.50 was filled. Last paint 1560.75 for +5.50 and +5.25 so far while I was asleep. Raising stops on both units to breakeven and going to make an omelet. :)

In Globex at 05:38 am EDT L 1555.25 SS 1553.25 (2 points) PT1 1565.50 (10.25 points) PT2 contract highs

Calling yours a "plain-Jane system" might be carrying humility a bit far. When I first started seriously watching you trade this system a few months ago, I considered what you were doing (in the words of Arthur C. Clarke) indistinguishable from magic. I must confess, however, that after...

In fact, he's probably wrong more often than a number of other traders here. But because of his attention to risk/reward ratios, he's consistently more profitable than a lot of traders who are right more often than he is. Being right doesn't matter; being profitable does.

What do you think I was trying to accomplish with that last dumb-assed trade? :D

Why am I not surprised? It was a dumb trade. It violated my trading plan. I deserved to get steamrolled. The good part is that because of the close stop, it damged only my pride, not my account balance. Which, I believe, is the whole point... One more thing: Posting your winning...

Won't be the first time, or the last. Like most people, I learn more from my mistakes than from my successes. So to increase the slope of my learning curve, I try to make as many mistakes as possible. :D Steamrolled, just as Apex predicted. :eek:

If you're correct about this (and you may well be), then the appropriate entry point for the short was 1564.50. And if I'm stopped out here (which I may well be, for the huge loss of 3 ticks), I'll look to re-enter in that vicinity.

Different trading style. No way I'm going to trade with a 5-point stop. The purpose of a close stop is precisely to be picked off if you misjudged the turn, so you can regroup and re-enter at a better price. It all depends on whether you consider being stopped out as a bad thing or a good...

S 1560.75 BS 1561.50 (3 ticks) PT 1555 (5.75 points) Hoping this 3-tick stop works better than my last one. <sigh>