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ES Journal - 2012
- Thread starter Buy1Sell2
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try to catch the down wooshes,so i stay short and wait for them with a wide stop,averaging and re-averaging to protect the acct,using market profile points to guage the market,it usually stops ,and sometimes turns at ledges,nips,cleaves,i try to use those as benchmarks to get in/out,reduce,add,get flat, raise the avg,that's one thing you can do when you can't trade ..spx is a revert to the mean index,has been anyway,i may reduce in the 55-47 area or that tl at 1452 ,if lucky i caught a top and can ride it to 1326 best case,unlikely,but possible,most likely trade the bounces on the way down ,best scenario,assuming it drops
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Quote from ammo:
I am looking for 1320's as a correction target also. Crazy sentiment out there right now, BPNYA RSI is 93, etc etc - top is likely near
http://stockcharts.com/h-sc/ui?s=$BPNYA
http://www.insidestocks.com/momentum.asp bottom of page 70% of all stocks above all moving avgs,adage goes, no one left to buy they are all long, likely top area,opposite when they are all at or below 30%
Quote from ammo:
http://www.insidestocks.com/momentum.asp bottom of page 70% of all stocks above all moving avgs,adage goes, no one left to buy they are all long, likely top area,opposite when they are all at or below 30%
This reminds me of a statistic another trader once quoted. Back in 2008 I was working as a software development consultant and my client was a prop firm. My manager at the prop firm used to go to one particular trader there to get advice on market direction and how much he should be invested in the market. On one occasion in July or August, the trader excitedly quoted him a statistic to the effect that 96% or so of all stocks in the S&P 500 were at or near their 52-week lows, and said that this phenomenon had only happened a few times before, and that it happened at the end of big downward moves like the 1987 crash. He declared that it was time to buy and that he was going all in.
We all know what then happened come September.
yes, that stat shouldn't be used alone as a market barometerQuote from Josef K:
This reminds me of a statistic another trader once quoted. Back in 2008 I was working as a software development consultant and my client was a prop firm. My manager at the prop firm used to go to one particular trader there to get advice on market direction and how much he should be invested in the market. On one occasion in July or August, the trader excitedly quoted him a statistic to the effect that 96% or so of all stocks in the S&P 500 were at or near their 52-week lows, and said that this phenomenon had only happened a few times before, and that it happened at the end of big downward moves like the 1987 crash. He declared that it was time to buy and that he was going all in.
We all know what then happened come September.
S 1456.00
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