In homage to @Buy1Sell2
I expect a bounce around 3000 from around 2870
Then we may go lower towards 2500
Last edited:
ES Journal - 2019/2020
- Thread starter Buy1Sell2
- Start date
- Status
In homage to @Buy1Sell2
I expect a bounce around 3000 from around 2870
Then we may go lower towards 2500
Or it could just fuel the dump harder.
60-70Pts for monthly pressure ...
We had 45, 90 and 91Pts.
Are you buying ?
It's a trading journal,
Not a forecasting one.
Sekiyo is shouting fraud.
Last edited:
Sekiyo means "seat" in Japanese, right? Why don´t you sit down and enjoy the view from your "seat"?
Sekiyo means "seat" in Japanese, right? Why don´t you sit down and enjoy the view from your "seat"?
I don’t speak Japanese.
But what I can tell is it’s hard to be a buyer.
Closed my 2916 long for a tiny profit.
I am seller @ 2960.50.
Not filled yet.
I remember that poster, but wasn't he the guy who were going non-stop long after QE started post the financial crisis? Or was he posting (and blowing up?) prior to that too?
One thing's for sure - the buy the dip crowd can easily blow a lot, if not all, of their profits if they don't adjust before it's too late.
Let's say you compound an account from 10K to 100K with one contract per 10K. If you go all in with 10 contracts then, don't use a stop and even average down, you're effectively blown up after a few BTFD trades in this environment.
I'm seeing a lot of panic on other boards I frequent. It's very clear that most of the new rich never experienced this and never even thought it could happen. I still have that one friend though who's going to increase the mortgage on his house to buy more stocks very soon.
And then there's that other guy I told of in another thread who just went to the bank to loan money to buy more stocks at the top.
To be perfectly honest, I was exhausted (but profitable) after yesterday's morning session and stressed out. So, I took the rest of the day off while leaving a lot on the table. As posted, I thought we could break the LOD yesterday, but a part of me still didn't believe it was quite possible. So I just watched.
Big picture, I think the markets trade as technical as ever. If you forget about the points and % change - the last day's charts ain't that much different from any other day.
In fact, I feel it's even easier to get low risk entries since the markets move so fast in your direction if you're right.
I use fast tick charts to aid execution and generally try to sell swing highs of a certain size or breaks of key levels. Breaking even my stop or even locking in a profit to ride the next swing as soon as I'm in profit. Maximum stop is 3,0 points. If you observe the charts, you can see that most swings are 10-20 points. So use that.
I hope to be able to trade the entire session today. Maybe I need to pop a Xanax or two before the Open.
Yes. Correct. Here's some data for you all. My current data set stops at 2005, so I can't query dates before that at this point.
By Thursday Close, we're down - 12,17 % since last Friday and -12,38 % from ATHs.
The last 2 times we were down more than 12 % on a Thursday was the 20th of November 2008 and the 9th of October 2008.
On those two dates - one Friday was a great up day at + 6,63 % and the other Friday was down - 1,97 %.
But guess what?
Those two dates were already down 40 and 50 % off the ATH. So this current weekly sequence is unique in that aspect (since 2005 mind you).
So, considering that, I'm definitely seeing potential for a huge drop on Friday as well. We're already down - 3 % overnight, so who knows what the actual US session will bring.
My bet is it will at least be a red close.
I'm not one of these people that act like they've never lost money. In '07-'08 I wiped out just shy of $70K being friggin stupid. I traded smart all through '07, playing stocks like I do, long and short, and built the account way up from $30K in a relatively short time. I had some lucky shorts, I went big on Radio Shack at $28ish and held it, and I had a couple good longs too. Then I got the bright idea to start trading weekly options on the Russel intraday. I was doing well, I'd trade the ones in $1.50 range, and at times I'm talking like 100 contracts and holding for less than a few hours, trying to catch a .20 or .30 move in my direction. The volatility was there. Making the broker rich obviously. Long story short, I accidentally hit buy when I meant to hit sell on a big order on a Friday afternoon about 1PM and it was the absolute worst timing in the world. I lost like $17K in the matter of minutes. Then I upped the anti and tried to get it back, the market reversed again and I lost another $15K. The next Monday morning I tried again, trading size... it didn't work... in the end, I pretty much wiped out the entire account in just over a week. I took a few years off from daytrading after that. Left a bit of a scar.
Anyway, the only reason I'm writing this is because this market is acting the same way. That's why I walked away yesterday AM with piddly $400 on $BUD. Only a fool makes the same mistakes twice. You guys be careful. Don't revenge trade if you have a big loss in a short period. Its easy to do.... too easy. Human nature and all. The hardest thing is to just walk away. If I can contribute anything worthwhile to B1's thread here... its that. So thats all.
Carry on.
Anyway, the only reason I'm writing this is because this market is acting the same way. That's why I walked away yesterday AM with piddly $400 on $BUD. Only a fool makes the same mistakes twice. You guys be careful. Don't revenge trade if you have a big loss in a short period. Its easy to do.... too easy. Human nature and all. The hardest thing is to just walk away. If I can contribute anything worthwhile to B1's thread here... its that. So thats all.
Carry on.
Go back to the beginning of ET and the top calls have always been here.
For as great and wonderful as the American ability to create wealth is, I've never been able to figure out how self-directed trading attracts so many pessimists. Easiest money in the world is to long the market 'til the panic set in. Problem for most is when the panic sets in they don't have any money left to take advantage of the great bears.
- Status