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Dont you feel you have been a bit bull blinded these past few days? Why are you so focused on only going long? Dont worry I caught that one for us ;)

Hmm I remember in one of the market wizard books were a trader talked about how he opened a fund called LS. It originally stood for Larry Shag (spelling?) which was a term they had in the city he was from of a person who was a bit of a gambler or a 'gunslinger'. Later he told his clients it...

There be a descending triangle brewing. Short looking for a retest of 2585 or slightly above. Out, made 4R.

No idea of course. But it is always best to take trades off if you dont feel right about it, you can always put them back on if you want to.

If I ever invest in a mutual fund again I'll pick one called 'short term capital destruction' just to be on the safe side.

I doubt this is the start of a full blown bear market, but I wouldn't be surprised about a couple of months consolidation with high volatility swings. Hes probably referring to the S&P that hit the 200DMA on the daily TF and bounced.

You got the first part right probably, and flat just means you are in cash / no positions / positions equal each other so you are net neutral. So flat 2608 means he just closed his position there and now he is just holding cash.

Obviously there is a big difference if you are a systematic trader since computers dont have emotions, my question was more directed towards other discretionary traders.

Might be joining the bulls overnight, seen this kind of slow chop up before.

No, they have a 15 min close, followed by a 30 min open and then a 1 hour close. Closed on weekends. Not at all the price action I was hoping to see. Took off my shorts with a 1.5% loss. Probably heading to bed soon.

Making lower highs but higher lows. Hmm.

Lets be professional guys :) still looking good for a bearish overnight here.

Looking like the overnight will retest the low.

I doubt anyone has that kind of data on hand but if you are interested in finding out I suggest you do the research yourself. But just to add something to the topic, buying and holding "hot stocks" is usually a bad idea since they usually attract amateur investors which will all flee at the...

Interesting, thanks, as I said Im not an expert in this pattern.

How do you go about measuring moves?

I'd be interested in knowing what you think qualify as a H&S, as today was pretty much textbook. And I do not measure moves as I'd rather try to decide which direction is most probable for the day and then just go with the flow.

No no, I just wanted to wait until it looked absolutely clear so everyone could marvel at its beauty. :D

Lesson learnt.. For now..

As requested! H&S 101 everybody, take notes!