ES Journal Archive (2009 - 2010)

Status
Not open for further replies.
Quote from ASusilovic:

GS down 10 %. Remarkable day.
More...

looks like the bear market has started,
players sold on the top
sheeps buy on the top, while holding to the bottom.
everybody is relatively happy with their bets.
 
Quote from ASusilovic:

GS down 10 %. Remarkable day.
More...

Why does the cynic within me say that this is just another effing ruse staged by Uncle Sam to justify the bullshit rally we've had thus far?
 
Quote from BA_Trader:

Recession ain't over.

There is a big red button labeled "RESET" and it has not yet been pushed.

Let's just hope they don't screw up the business of trading... if they do we can join the rest of America in the soup lines.
More...

They will not destroy legit trading ON LEGIT EXCHANGES. What should be curtailed is "OFF EXCHANGE" bullshit products sold to those "sophisticated dipshits" they are forever chasing a couple basis points higher yield. That is what being a good salesperson is all about, getting some other poor slob to believe your line of shit.

If anyone read the History of Goldman Sachs they will run across where the insiders had a brainstorm.............hahahahaa, "as long as we do business on both sides of this CHINESE WALL why would we NOT take advantage of our information advantage?" (paraphrased)

How often have we all heard the brainwash mantra of.........."there are a lot of very smart guys over at goldie", well i would not doubt that at all, but a little cheating can enhance even whiz kids. :)

Futures markets all require money to margin trades and limits on amounts of cars allowed to trade.........all that came out of the old days when there were "corners" in the mkts.

Rules and regs are put in place for a purpose, take away the rules and regs and you always will revert back to the old corrupt games, only thing that changes is how the corruption is dressed up. A guy dressed up in drag is still a guy, dance close and you will get the point. :eek:
 
Quote from tstones:

I know, but one constant daemon I have to fight with, is pressing the button too early. I always need to pay my broker well to catch some good move. NoD instead shows a lot of patience and accuracy.
More...

Best thing that ever happened to me early this year was limiting my trades to the first couple hours of the day and taking a break midday. I started using a chart in a smaller time frame so I could see early entries on possible reversals off extremes. I trade much like emg, looking for reversal signals off extremes. The 3-min chart often throws a reversal signal early on, so I can trade larger with a tighter stop. That's how I get my accuracy.

As for patience, I show a lot of patience after a day when I trade really dumb. Monday I got in a trade too soon, stopped out, did it again, didn't re-enter when the setup was confirmed, entered later on a confirmed setup and cut my winner to nearly nothing. The day ended -$40 and that was only because my trading time was limited to nearly nothing. I'm sure I would've chopped myself further if given further access to the knife drawer.

Next two days I was patient like a sniper and reaped some nice rewards (Spain helped). Thursday, I was at it again, got in some CL trades too soon because I had an appt to get to and was afraid I'd miss an opportunity before I left, chalked up a red P/L, came back after the appt and pretended it was a whole new day, start fresh. Put on a trade from a CONFIRMED setup (amazing how well those trades work), sat in it for 50 minutes through a normal retracement without chickening out, and ended up taking profit 3 ticks from the pivot low, erasing my losses and ending the day with a gain.

So yesterday I was on high alert again, very patient waiting for a decent setup. The GDP sure didn't boost the market, and I knew there was more news coming. Chicago PMI was great and when that couldn't even move the market to a test of the pre-market high, I pounced on it short and because of the 5-tick stop I could put in, I went in with size.

Later the setup was decent, but definitely in more of a no man's land, and a survivable stop for me had to be placed at 3.75 points, so I went in very small, and again stayed very patient looking for a lower low.

Based on these patterns, I'm "due" for some more stupidity in a few days, so I'll extra vigilant mid-week :cool:
 
Just my 10 cents here.

Taking a look at the 4 hr chart, it seems as though we have our first taste at bearish PA in at least 3 months (2 straight wide spread down bars on the 4 hr chart)

Looks like as long as we don't get a significant push over the 1193-1194.50 area tomorrow, the bearish move shouuld continue. Any push tomorrow over 1194 and I'll be very skeptical to short.

Personally, I'm looking to short that 1193-1194.50 area, and looking for decent reversal signals around 1177 and 1172 as those are juicy support areas.

Any other thoughts ?
 
Status
Not open for further replies.
Back
Top