Search results

Since I trade oil and have the daily chart handy, I'll tell you why that last initial "pullback" (9/17) raised a big warning flag for the bulls: Price erased 5 days' gains in a single day. In a trend, you want to see an orderly pullback, not a single price bar that tells you everyone wants to...

JCP has technically been in an uptrend since the downtrend confirmed a reversal back on August 10th. The possible reversal was signaled by price pivoting back up off a higher low on 8/6 and the higher low was defended successfully. The "confirmation" occurred on 8/10 when price gapped up through...

Is there something we should be seeing that we're not seeing? :confused:

JCP: 30% short interest + breakout into previous gap down airspace = "previous support (32.50) becomes resistance" profit target That's about as technically beautiful as trading can get.

Whoever lost $18K trading oil today has one hell of an edge, just needs to flip their chart monitor 180 :p

Yes, you can trade futures without worrying about the PDT rule. Futures, however, are highly levered and should be treated like any dangerous weapon.

I second that motion :)

Trading pullbacks in a trend is very counter-intuitive. If you trade on "feel", it will feel wrong every time. I suggest you start a spreadsheet and compile a lot of statistics surrounding each major with-trend price swing you observe on charts in your time frame. Record stats for % of pullback...

I got the book some time ago and read the introductory material and the DD setup. I found the book to be superb at that point, worth the price of admission for the psychology behind price action and risk management guidance alone. The book disappeared for months and I recently found it under...

For those interested in scalping CL, but not sure the best methods of doing so, Bob Volman has an excellent book called "Forex Price Action Scalping". He works off a 70-tick chart and 10-pip stop/target (usually his stops are smaller, that's a max stop). His methods are easily translated to a...

My friend, day trading CL is a very, very special situation. Think of JCP, YM, and AAPL like the Romney boys: nice, clean cut, safe to interview on TV Think of CL like Lindsay Lohan or Charlie Sheen :p

Yes what are they, please, and also, what makes a situation "special"? P.S., Brother Surf, I expect you may be prit' near twitterpated when I tell you that I put on a swing trade last Friday with the entry price triggered by a dream I had just before I woke up. Is that a valid price driver? :D

It was more like "woosh by woosh" than "bit by bit". I wonder why the buyers were so voracious off the 94.80's...by the time I re-centered the DOM after the last woosh, price was already over 60 ticks off that low and rising.

At first I thought it was just stops triggered on an initial 60-min level break and price would quickly pull back because the buyers were stepping in at every little dip all day. :p

Oh yes, indeed. MarketWatch: "...traders pass around rumors about a fat-finger trading error in the oil pits, as well as other chatter about a plan to release from the Strategic Petroleum Reserve." Last time a rumor about the SPR caused a 2+ point move, my platform was down and I had a...

Ah yes, that was my entry too :cool: :cool:

I don't think I've ever participated in anything quite like this. I'm just gonna watch :eek: I think there's ECB news.

News? :eek: Gawd I love this thing...

Having run a business that way for many years, I can relate to that! When you close a big deal and net a big profit you feel that you've "turned a corner" and the business is finally starting to take off. But if all the critical factors to running a profitable business over the long haul are...

As a day trader during RTH, these are the serious market movers: FOMC Statement (also called Fed Statement) and FOMC Meeting Minutes If you're day trading options through these events you can get hurt by liquidity and volatility factors, so I'd recommend checking a news calendar each week...