So who is long and short right now ?
ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
- Start date
- Status
I did watch the video and they guy sounded convincing. makes me wanna short 50 cars asap. .... but that wouldbe gambling. Anyway, thanx for straight answer and a great link. WED will tell who was right. So far your track record is superb.
Btw. thanx for the lesson at 2 o'clock. I sometimes forget to be humble.
big seller working it down in ES, notice the bid being drilled all the way down. Anyone wanna call his bluff with me ?
Volente is speaking about how is USUALLY works. Of course there are exceptions. But the odds suggest otherwise.
Steve Moore (Moore Research) did some studies some years back on days that close within the top/bottom 10% and 20% of the day's range. His finding? There is a very good chance of some follow-through the next day, but also a good chance of a reversal before the end of the day.
For those long, the odds favor more pain, but perhaps some relief, after that pain.
Did you know that the market's long-term upward bias comes mostly from OVERNIGHT holding (intraday, it is about a wash--no upward bias)? Markets that close strong tend to gap up, and markets that close weak tend to keep going down afterhours.
That's why I keep harping here about NOT buying late afternoon weakness, and NOT shorting late afternoon strength. Why? Because if one wants to go long, for a swing trade, it is better to wait until the next morning, because you'll probably get it at a better price; and if one wants to go short for a few days, wait for the next day, for a strong, emotional opening, and THEN short.
Is that you porgie ?
Quote from saxon22:
I did watch the video and they guy sounded convincing. makes me wanna short 50 cars asap. .... but that wouldbe gambling. Anyway, thanx for straight answer and a great link. WED will tell who was right. So far your track record is superb.
Btw. thanx for the lesson at 2 o'clock. I sometimes forget to be humble.
You're welcome. Like I said above, we could technically face some strong support at around 1430. But once that is taken out, there won't be much to hold this market from taking another nosedive. However, I concur with the guy in the video that there might be a temporary pause before this market plunges in earnest.
BTW, this thread seemed to have morphed into someting different altogether since the last time I made my unwelcome appearance. I advise you to stay away from certain individuals and their nonsense.
On a day like today I smoke with both hands! 
[/QUOTE]
Saxon,
It's just one day, remember. Everybody has good days, and everyone has bad days; everybody plays the fool. Ryan Leaf threw perfect spirals for touchdowns, and Tom Brady has thrown some pretty poor passes for interceptions.
What counts is the long haul.
Everyone here has done something foolish, reckless, and stupid while trading. It hurts even more when you know better.
So you had a bad day...how does that song go?
[/QUOTE]Saxon,
It's just one day, remember. Everybody has good days, and everyone has bad days; everybody plays the fool. Ryan Leaf threw perfect spirals for touchdowns, and Tom Brady has thrown some pretty poor passes for interceptions.
What counts is the long haul.
Everyone here has done something foolish, reckless, and stupid while trading. It hurts even more when you know better.
So you had a bad day...how does that song go?
"But let me get to the point, let's roll another joint
And turn the radio loud, I'm too alone to be proud
You don't know how it feels
You don't know how it feels to be me"
And turn the radio loud, I'm too alone to be proud
You don't know how it feels
You don't know how it feels to be me"
OK, here is my 2 cents.
Today was a Step Down Day (my trademark) and it went according to its timeline. I mentioned it early in the chatroom. Usually Dow is down 100-120 points in the first 90 mins, after that 3 hours sideways then more downmove after 2 pm. (not news related)
I personally expected the FOMC minutes to lift the market, I was wrong on that one and SDD was right.
Anyway, the gameplan after an SDD is the following: Get long at the close and stay long until 10 am next day. Then reverse to short until 10:30. After that it can go either way...
We could of course gap down, but that would be the 2nd downgap in a row, and according to Pekelo's 2nd gap rule, the gap should be filled the same day, so being long would be the gameplay.
Today was a Step Down Day (my trademark) and it went according to its timeline. I mentioned it early in the chatroom. Usually Dow is down 100-120 points in the first 90 mins, after that 3 hours sideways then more downmove after 2 pm. (not news related)
I personally expected the FOMC minutes to lift the market, I was wrong on that one and SDD was right.
Anyway, the gameplan after an SDD is the following: Get long at the close and stay long until 10 am next day. Then reverse to short until 10:30. After that it can go either way...
We could of course gap down, but that would be the 2nd downgap in a row, and according to Pekelo's 2nd gap rule, the gap should be filled the same day, so being long would be the gameplay.
- Status