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Yea I am workign 3 ES short

wow.. what a strong market.. Executing short right here.

What time frame chart are using?

We are approaching resistance.

I did well today.. I had a pretty big IWM short I covered into the drop in the morning... went long a few stocks... Now i am looking to get 100% short again. NQ still pretty weak.. it never filled in the gap regardless of broader market strength.

i will have 2 ES on on limit order... The rest i will scale in manually.

Gonna short 5 ES at 1146ish... thats R2.

S1 and R1 were right on the $ today for ES... NQ pivots also worked well..

U need balls to become a good trader. If that means taking the other side while everyone is saying the other thing.. then so be it. The market will correct and it will do so in a swift and short duration... Like it always has and always will in bull markets. Markets are very tricky. In the...

Sure.. Nasdaq should be back to 5k in 1-2 years. --MIKE

You are the 2nd trader telling me that the markets are not extended. I cant believe anyone would just blindly buy right here. I would atleast wait for a 2-3 day orderly pullback.

Problem with that strategy is that sometimes there will be no decent reaction for the trend followers to hope on board. Especially in overbought markets like these. The bulk of the move can come in 1-2 days .. similar to a stampede.

I am not calling the final top. And I would not go long unless we had some type of 2-3 day pullback on the dialy charts. Assuming you just started trading today.. would u honestly be buying this extended market at this level.

I am looking for a 3-5 point on it. Its been a difficult short because of the crazy momentum.. but my experience tells me that it will resolve ok. Most traders would rather wait for confirmation which means some weakness or some type of a breakdown... but I know by the time we get that...

I am short almost 500 IWM right now. Avg price at 118.3

Hey Jack... Thanks for the attached pic.. it really clarifies exactly what u are saying... Before the pic I understood a little.. now I understand absolutely nothing. By the way that little scribble u drew on the upper left of the market log looks like a crown on a king's fat head. Keep up...

DSGUNS1, What time frame do you use ... i guess 1 min chart? How do u determine if the market is trending? What do u do if u trade jnpr or csco and they go through multi days of chop? --MIKE

Momentum based long strategies work great in a bull market. Thats about it. In sideways or bear markets u will get crushed up into pieces. Your strategy is not much of anything.. except a one trick pony. Thus, you will eventually blow out. If you would of been trading your strategey the past...

$1600 per an ES contract with IB. Thats $8000 worth of margin. Whats the big deal? --MIKE

U are begging to blow up. Ever hear of risk mgt. ... position size?? --MIKE