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Hey regarding Blackguard: The guy took a shot. He made his own decision and he had the balls to take action. All very commendable. As I mentioned in my recent post. If you had looked at a chart with 15 min bars, and scanned left, you would have seen a consolidation on the 21st. What this...

You really dont listen well stephen and that means your ability to think and criticsize is compromised. You said "deeply religious people have serious mental health problems"... When you make a blanket statement like that, it becomes easy to refute, because the first person you meet who is...

Hey: I posted this to the wrong thread, sorry. I hope it helps with respect to trading the late day reversal. Best Steve http://www.elitetrader.com/vb/showthread.php?s=&postid=936228#post936228

Yes, i did misunderstand your comment, sorry I agree with you. You really do have to plan both your business structure and tax status well in advance. I guess I have been lucky in that respect. Thanks for pointing that out to me. Steve

Okay then boys and girls (you too Samson) I have to run off, but wanted to offer a quick comment. Seems to me that folks are resistant to doing the research into yesterday's, last weeks, last months price action. Thats okay with me, but I do want to provide one example of how important...

My best is 3 words, I was wrong Steve

What I would observe is that it is early for a late day rally. Also I would like to see what if any volume comes into the contract after 3pm. Finally if any of you have access to imbalance data, that would start to give you some advance warning IF there is fuel for a late day reversal. Good...

I hope you boys get some. If you can make it past 860 it has some room to run. I'm all for you, but dont have the confidence to risk money at this point. Hope you kick some short ass.:D I understand your comment CoolW, and while I agree basically, I also want to point out that the late day...

Yep, were you in that trade?

I like Ginnie Maes. Not the safest but I like the risk/reward.

Thanks Seven" Dr. John Clayburg and Josh Lukeman (and a lot of other traders) use a convention that is called the DDF. It is a line that you put throught the middle of the first 5 min bar. In theory, you would trade long above it and short below. One approach to using the DDF is to wait for...

Yes Samson: I noticed your "take on the market" You are right not to trade. You don't have a feel for the action and you would likely lose money. That is a smart move on your part. Now the question is can you do the homework to close your deficit? After all most of the money is made...

Sure that is a good question (one of the few you have posted). As I have said before, calling the open is the biggest challenge for a trader. The way the markets have developed, you have to learn to call the open and make some money right away, because after the first hour or two, the...

I don't want to pick on Samson. The poor guy is an easy target. Many traders fail to see the importance of these questions (as you already know), and so they havent done the homework. This is really about preparation. Are you (any of you) willing to take the time to prepare correctly and...

Well a couple of things and I am done too. First it is the principle that counts. I am pretty sure that what I suggest is the way for you to go. I say it, because I have been there and fortunately for me, I had a good man next to me saying the same thing I just said to you. Take it for what...

Okay,: You were doing pretty well up until this last post. If you saw the exhaustion move comming, why small size? Why not step the gas and make some real money? You didn't have confidence in your call is why. You were hoping it was right, but you didn't know for sure. Thats fine. Thats...

Okay then, I guess we can go home now. After all it is a national holiday (Coolweb day). BYOB.

You folks can argue about it all you want. Statistically this market is done for the day, and so am I. by the way, for me, this is when I look at risk/reward. I characterize this market as having the big percentage of its volatility early, then fizzling out. Why then would I be continuing to...

See now you have the right idea. Lemonade out of lemons. First of all, you are right about the time frame. If they had watched at 10am EST, they would have seen the indexes fail. Specifically the ES led the others down today. Also the cash markets gave us an early warning. But before...

You guys did a very nice job today, under difficult circumstances. That is really impressive. Steve