ES Journal Archive (2006 - 2008)

dmartin · Oct 31, 2007

Quote from Anekdoten:

The warning sign to me will be when the trend on the big charts is down.

No speculative mumbo jumbo, charts do speak, it's up to the trader to listen.

Anek

What do you mean by "big charts"?

Thank you, DMartin

JSSPMK · Oct 31, 2007

Quote from JSSPMK:

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1660856>

I don't see why it should crash, rally more like ImO.

Oh yeah, tomorrow is Volente's Thursday

Anekdoten · Oct 31, 2007

Quote from dmartin:

What do you mean by "big charts"?

Thank you, DMartin

A chart encompassing several days even weeks of data to have a clear determination of support, resistance and the trend at hand.

Imperative for trading, even daytrading.

Anek

Anekdoten · Oct 31, 2007

Quote from JSSPMK:

I don't see why it should crash, rally more like ImO.

Oh yeah, tomorrow is Volente's Thursday

Absolutely, the bull's balls aint blue, this thing has mojo and eventhough we might see profit taking or a scare (time to buy imho) from now and then the trend is very much up and this is indisputable.

The top sooner or later will come, as it always does, but until the trend ends and a new one begins calling it is amateurish at best. Consolidation does not mean a new trend is coming, it can be nothing but a pause and this is where many seem to fail.

Anek

Anekdoten · Oct 31, 2007

Quote from apex82:

Its a great example of all bearish news for weeks yet staying strong and moving higher. The patterns on these stocks are beautiful. KBH trading at $28 and I am looking at a move up to $45-50 as first target and second target in the $70 range.

Nothing is guaranteed and picking a bottom like this can destroy your bottomline unless you always keep your risk management in check. 1-2% per trade for me.

Ya, that's the beauty and power of re-entry on reversal formations as opposed to absurd large stops which imho are unncessary.

KBH today was doing nice I got it under microscope too because it does look like its bottoming then the feds opened their mouth about housing after the rate announcement and killed it. Soon a nice minor uptrendline test will be in place but the overall sector is just scary at this point.

I agree with your theory although I'm afraid it is still looking a bit premature.

Good luck.

Anek

Sponger · Oct 31, 2007

Quote from Spooz Top:

good point & agreed.....as well as the down tic rule.....seems very ominous to me.

So I'm not the only one who thought that was suspicious?

Remember the Fed Committee sudden change of heart in reporting certain economic data?

"Money supply figures??? We doneed no stinking money supply figures!!!!"

Now its "Oh yez, about dos trading curbs we put in back in thee day.......we doneed no stinking trading curbs no more!!!!"

apex82 · Nov 1, 2007

Quote from storm121:

I think a lot of permabears got taken out today.Many trading careers ended.

marketsurfer was decimated again.he's 2 for 2.

these newsletter writers need to keep on writing, keep bringin' these sheep to slaughter.

blackguard

thats a sad day if somemone gets taken out on one losing trade... There is absolutely no guarantee on any future event, why risk it all?

I was a bear and took my loss just like I had planned to a few days prior. I did not like the price action yesterday so I was able to take half off for a profit which definately reduced the equity dip. If I had been right I would have made a killing.. over 10x my risk. I accept losses trading like this because it is inevitable with those type of stats. I would be happy with 20% winners on those type of trades but I aim for 60-70%. I was wrong but I always lick my wounds and look forward to the next day. One of the best things I learned in trading is to love losing money... Keeps you humble, on your game and most importantly how each trade is just a probability, not a certainty.

elovemer · Nov 1, 2007

...just a noob here...
... but as long as we stay in the continuation pattern on the hourly chart.... it is too early to short
... yesterday pre-market the buy signal came just before we bounced off of the hourly TL formed by the two drops from last wed and thurs

Spooz Top · Nov 1, 2007

Quote from elovemer:

...just a noob here...
... but as long as we stay in the continuation pattern on the hourly chart.... it is too early to short
... yesterday pre-market the buy signal came just before we bounced off of the hourly TL formed by the two drops from last wed and thurs

Elove......any trade ,long/short is viable as long as R/R is properly structured.......the trade is in the eye of the beholder.......with overnight shorts looking solid from 54.50....taking 1/2 off at 46.25.

elovemer · Nov 1, 2007

... nice trade....
... the short i am thinking of is a much bigger move.....
.... those scalps look great though

.... best i can tell... this diamond's target is 1508.75
.... target of rising wedge is 1492.5
.... just a noob so don't pay no mind

Quote from Spooz Top:
Elove......any trade ,long/short is viable as long as R/R is properly structured.......the trade is in the eye of the beholder.......with overnight shorts looking solid from 54.50....taking 1/2 off at 46.25.