Quote from JimmyJam:
Oh, you again.
I'm not going to get into it with you on this board Stevie.
Too much respect for B1S2.
Good trading,
JJ
Quote from steve46:
Actually you only have "respect" for people when it is convenient for you "Jimmie".
Back to the topic of the day. The early balance was narrow so it was pretty easy to see the transition when the institutions decided to take it short at 11:05. Also, the 11 O'clock EST hour is when advancing issues turned down..You had to be looking at the right data.
Finally, there was another chance to get short at 11:50 EST at 1507 based on bar volume and continuing downturn of advancing issues. For those who are into it, Market Profile and one EMA give me enough data to decide on a good profit target.
Thanks
Quote from steve46:
I don't mind educating you a bit.
You don't have to "call the market" to make money
All thats necessary is to accurately identify imbalances and wait
for the market to respond up or down to get back into balance.
Because you (and others) are amateurs, you get hooked into the ego trip of "calling the trade"...Too bad, especially if you have no talent for it to begin with.
For those who do have an interest in getting to another place. All you do is learn to spot imbalance based on a couple of simple data points. Because price slows down and consolidates at balance points, a trader who is properly oriented to the movement has plenty of time to decide on his trade and get positioned. Even a newby could work that kind of system simply bracketing the market.
All you have to do is put in the time.
Steve
Quote from apex82:
Thanks for the comments guys.... I have been patiently waiting to get short for awhile now.
Reshorting 1506.75 on a bounce 1.5 stop
target is 1502.50 and then new lows.
reducing size due to the gift the markets gave me today