ES Journal Archive (2006 - 2008)

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Quote from JimmyJam:

Um, I remember this arguement being made by a perma-bear about 5 years ago for the downside cause.

If I remeber correctly he kept playing the downside while it was good, missed the beginning of the rally and then was totally clueless about this huge upmove.

JJ
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That individual must not have any idea how to read charts. The monthly chart BY ITSELF gave warning of both the dowturn at the beginning of this decade and also a very very clear upward signal in 03. This would have been just using the monthly--Again, I don't recommend using just one time frame.
 
Quote from Buy1Sell2:

That individual must not have any idea how to read charts. The monthly chart BY ITSELF gave warning of both the dowturn at the beginning of this decade and also a very very clear upward signal in 03. This would have been just using the monthly--Again, I don't recommend using just one time frame.
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Or chart reading is a very serious skill to acquire.

You're right.

His overconfidence from his huge bear market successes led him to believe that he knew better than the charts, the government, and other professional traders as well.

JJ
 
Quote from Buy1Sell2:

This is 1 to 1 risk /reward. In all seriousness, I don't like it. I like extended gains. If it is working for you though, Great!
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B1S2, when you're right, you're right! :(

Closed out short at 1514.25 for -2.00. What can I say...seemed like a good idea at the time.

Close-the-gap trades seem to have a high probability of success unless the gap was caused by a news surprise. I didn't consider this morning's employment report much of a surprise. I didn't count on the bulls being in such high spirits this morning. Still hoping for a down move to let me get in long.
 
Quote from Buy1Sell2:

And the answer is that we would look at the daily and weekly. Here is the weekly chart. Anyone familiar with my methods can instantly recognize the weakness in the market at that time.
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i believe that's called a divergence pattern on the macd. early warning of a reversal.
 
Quote from princessa:



fwiw, i think the sp is up tomorrow: 7-15 points from here.
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nice...up 9 points and then down to par (zero), giving us another chance to get in. or is it sign of a st top? we shall see....
 
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