-70 already. Its over. Another bubbly scam comes to an end

[murrica]

Quote from Butterball:

What is there to analyze? This market topped out, crashed down. You can throw all your TA analysis, levels and S/R out of the window when volatility is through the roof.

I'd give this a couple weeks to settle down and gyrate around before even considering making a long entry here.

That's true. I'm just saying that, if we do get down to 1320 or so, I will watch the price action around that level, to see if we form a base or do a rapid hit and turn.

Frankly I'm not excited about trying a long anytime soon, so I have to agree with you. But, if the risk is tight, it's alright.

 

[deucy28]

No safe harbor ?

Deleveraging everywhere !

book, "End Game"........John Mauldin..........all about Deleveraging.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3780803>

 

[murrica]

Quote from murrica:

That's true. I'm just saying that, if we do get down to 1320 or so, I will watch the price action around that level, to see if we form a base or do a rapid hit and turn.

Frankly I'm not excited about trying a long anytime soon, so I have to agree with you. But, if the risk is tight, it's alright.

I won't be taking this trade if we do hit that level, so I agree that it's insane to try to catch such a falling knife. Too risky for my taste. I'll watch the price behavior, though, just for edumacation purposes.

 

[Tsing Tao]

Buy GLD and ZSL.

 

[deucy28]

For what its worth

"For historical purposes"

Chart 11 to 15 April 2013

http://www.elitetrader.com/vb/showthread.php?s=&postid=3780893#post3780893

 

[bigarrow]

Quote from Tsing Tao:

Buy GLD and ZSL.

Are you really buying GLD ?

 

[Ghost of Cutten]

Quote from murrica:

This is still ROUGH (dealing with multi-year log charts..), but support is around 1315-1325..

Simple trading truth - there is no such thing as 'support' in crashes or bear markets.

 

[murrica]

Quote from Ghost of Cutten:

Simple trading truth - there is no such thing as 'support' in crashes or bear markets.

Sure there is... sell below support

It's not much different than using moon phases or coin flips for an entry point.

 

[murrica]

Quote from murrica:

Sure there is... sell below support

It's not much different than using moon phases or coin flips for an entry point.

I think this support is a good guideline. It's a very risky and bad area to try to open new shorts down here between 1300 - 1350. The risk/reward is not there, and the opportunity to go short has come and gone. I am not saying support here will definitely hold, but opening a short at support, crash or not, is a bad idea. Best to wait for a break after consolidation, retest of resistance, etc.

Anyway, this is what works for me. Yes, I agree that blindly going long is not *necessarily* wise here, as it is akin to catching a falling knife. But, at the least, using support to perhaps scale out of a winner or be aware of the consequences of trying to go short, or add to a short here, might be helpful.

 

[murrica]

Quote from murrica:

I think this support is a good guideline. It's a very risky and bad area to try to open new shorts down here between 1300 - 1350. The risk/reward is not there, and the opportunity to go short has come and gone. I am not saying support here will definitely hold, but opening a short at support, crash or not, is a bad idea. Best to wait for a break after consolidation, retest of resistance, etc.

Anyway, this is what works for me. Yes, I agree that blindly going long is not *necessarily* wise here, as it is akin to catching a falling knife. But, at the least, using support to perhaps scale out of a winner or be aware of the consequences of trying to go short, or add to a short here, might be helpful.

Here we are in the low 1320's. Let's see if I make a complete arse out of myself down here. Disclosure: I'm not going to place any trades, just watching for educational purposes.