Sounds to me like you know there are folks out there whom are too proud to admit to themselves when they are wrong. This is huge!
ES Journal - 2012
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Sounds to me like you know there are folks out there whom are too proud to admit to themselves when they are wrong. This is huge!
Market spiked up on dismal news of only creating less than two hundred thousand jobs to replace the fourteen million lost in the last few years.
Dismal news being taken as good is a sign of optimism in the market
Policy is to support the markets and juice them when necessary.
Upward is more probable than downward.
Next week has a FED DAY and more CONgress shenanigans both of which are likey catalysts for moves.
Dismal news being taken as good is a sign of optimism in the market
Policy is to support the markets and juice them when necessary.
Upward is more probable than downward.
Next week has a FED DAY and more CONgress shenanigans both of which are likey catalysts for moves.
Yes, I used to be one of them. Thankfully I have someone holding my hand keeping it in check and change how I approach the markets.
Making predictions about where the market will end up at the end of the year just sets up a bias imo. I know what kind of effect a bias has on my trading. Maybe some are able to overcome it but most cannot.
And yes, I know several individuals that are too proud to admit when they are wrong. You can probably guess what they r no longer doing as a career.
1) Personally, I prefer using 1,5-2,0 point stops on my entries and rather get back in a second time if I was wrong instead of taking a single 3-4 point loss. The problem for me on some trading days this week and Friday in particular, is that I was too worried about reducing risk and adjusted my stops when I should have kept the initial stop in place.
If you use large stops, it is very important to actually ride your winners and not cut them short. If not, you need a pretty high win percentage to get ahead.
2) Yes, I mostly agree on this one.
3) Depends on when you enter, but generally I agree.
Regarding targets, I did a mistake this week by being too greedy, ignoring reversal signals and looking for more than the market had to offer, instead of taking open profits at pre-determined target levels (should just place a limit order there in advance).
Quite frankly, I was expecting more volatility this week.
Using a 3,5 point filter, ES had 52 swings this week during RTH. The average swing was 5,5 points. The larget swing that did not retrace more than 3,25 points was 17,0 points. Next one was 10,50. The rest was distributed mostly between 4-8 points.
So, this was a scalpers market this week, unless one is willing to accept a 3,5 point adverse move and is trying to capture the daily range or a larger swing.
since that move from 1343 ,that didnt stop at any res points on the way up,they blew thru all of them before settling back,this is where i noticed a change form the old guard,i think the paper is entirely algos,not 70%,and if you google banking layoffs you will see a downsizing worldwide that lends to a probability,(since they are the first to hash out the details before ben the ecb,china, the world banking community decides the next step),that the printing presses are out of ink,since that money is no longer available,we (retail)are the last can of food in the cupboard ,so scalpers beware,trade sparingly , wait for layup's ,and use a large stop
I`m just taking a look at the daily and weekly chart now as I`m preparing for tomorrow.
The daily chart does not look very bearish to my eyes, but we are still at a pivot point where we could see a good move in either direction, IMHO.
The blue line is the 50% retracement from this entire down move and where we`ve been consolidating for the last two weeks.
The upper black line is a prior resistance zone that acted as resistance this week as well. Once we clear 1425, I would bet on a test of the highs next.
We could still trade lower from here as long as 1420-25 remains resistance and we drop below the blue line again.
Hopefully we can get some decisive action this week.
I won`t post the weekly, looks pretty much the same.
Thoughts?
The daily chart does not look very bearish to my eyes, but we are still at a pivot point where we could see a good move in either direction, IMHO.
The blue line is the 50% retracement from this entire down move and where we`ve been consolidating for the last two weeks.
The upper black line is a prior resistance zone that acted as resistance this week as well. Once we clear 1425, I would bet on a test of the highs next.
We could still trade lower from here as long as 1420-25 remains resistance and we drop below the blue line again.
Hopefully we can get some decisive action this week.
I won`t post the weekly, looks pretty much the same.
Thoughts?
NDX tells a slightly different story though. Only got a quick moment here, but I`m observing that it reversed off the 50% retracement level of this entire drop at the blue line. Also, it`s below the 200-SMA.
Dow Jones looks in a better shape than the previous two.
Strong close above the 50% level on Friday.
Strong close above the 50% level on Friday.
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