Then the market drops 100 points intraday... Both sides can make money assuming traders take profits...
ES Journal - 2017/2018
- Thread starter Buy1Sell2
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Then the market drops 100 points intraday... Both sides can make money assuming traders take profits...
Why do you doubt that this market can go much lower?
You seemed to doubt it would go down when we were 50 or 100 points higher also.
Today we made new lows. The VIX spiked again. And ES futures had the biggest range so far in this correction. Yet you doubt it can go much lower...
It's happened before and it will happen again...
As long as there's volatility, I'm happy.
But quite frankly, I know a few people from the buy-the-dip crowd who's turned into really arrogant pricks and 'market geniuses' after this bull run, so I wouldn't mind if they got a costly lesson also. If that makes me an asshole, well, then I'm an asshole...
But quite frankly, I know a few people from the buy-the-dip crowd who's turned into really arrogant pricks and 'market geniuses' after this bull run, so I wouldn't mind if they got a costly lesson also. If that makes me an asshole, well, then I'm an asshole...
OK, one of us is an idiot, and I am not sure it is me. You posted that at 9:44 am on Friday, just about when the market was going into a free fall. 80 minutes later the market bottomed 40 points LOWER so how the fuck were you very correct? Then a huge bounce came and it topped 20 points higher then your call, but as usual you would have held it and by the close price was 10 points lower then at 9:44.
Unless we are looking at different charts....
Good luck. Trend is down on weekly and daily. There will be bounce. BTFD’ers are well conditioned now...that is one of the reasons why I believe more pain is to come.
Why do you doubt that this market can go much lower?
You seemed to doubt it would go down when we were 50 or 100 points higher also.
Today we made new lows. The VIX spiked again. And ES futures had the biggest range so far in this correction. Yet you doubt it can go much lower...
It's happened before and it will happen again...
My stance, which I've reiterated here a few times, has been that the market is in a wide-swinging range that was established in Feb of this year. I don't recall at any time insinuating that the market wouldn't test the bottom of the range although I've been watching the tape periodically for signs of strength in the interim. End of day today it was overwhelmingly obvious where all the buyers have been waiting - right at the bottom.
Anyone can see the market is overvalued, rates are rising, etc etc and EVERYONE is waiting for a crash or a severe correction - I can't remember who said it, but it was something like 'the more observed something is, the less likely it is to happen.' I tend to agree with that.
In any event, good trading and all that.
Why do you doubt that this market can go much lower?
You seemed to doubt it would go down when we were 50 or 100 points higher also.
Today we made new lows. The VIX spiked again. And ES futures had the biggest range so far in this correction. Yet you doubt it can go much lower...
It's happened before and it will happen again...
He doubts it because he is long and has a position bias.
I've seen this line of thinking for the 20+ years I've been on trading forums, etc, etc...It's this imaginary "everyone else" is bearish except myself line of thinking. Except that we have a slew of guys on here who are long from much higher prices and the market has broken thru numerous levels of support, yet it's everyone else who is wrong.
Ask yourself, if the same triggers that got you long and have kept you long are visible to you, don't you just think that everyone else who is similarly long is going thru the same list of self-rationalizations.
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