Fall you turd.

Quote from NoDoji:

If you're a counter-trend trader with a short bias against a rising market, you watch for conditions to become overbought, price to pull significantly far from the rising 20-bar moving average and then watch how price reacts to previous resistance. The market's been overbought for a while now but as long as each day ends green there's no strong counter-trend signal yet, unless you want to start building into a position early. This can be a solid strategy if you have a max size and stop loss planned in advance.

ES hit 1159 in pre-market Friday and sold off that level so fast you could hardly see it. I'm assuming that means there were a heck of a lot of sell orders at that level. A counter-trend trader could interpret that as an entry signal to the short side, especially considering the overbought condition, 11 higher closes in a row, and price pulled almost as far from the 20-bar moving average as it's ever been over the past year.

The way short-biased counter-trend traders make money is by taking advantage of the fact that all trends have pullbacks and price on average tends to fall twice as fast as it rises. In the 11/3/09 - 2/5/10 time frame, it took SPY 2 1/2 months to climb over 10 points, then took just 17 days to fall back to the 11/3 price level.

There are many ways to make money in the markets as long you manage your risk.
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Shit, you're good :).
 
Quote from athlonmank8:

Shit, you're good :).
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Actually there are some very good counter-trend traders here (ammo, AMT and lescor, to name a few) and I've followed AMT and ammo in action and learned about what they do. THEY'RE good!
 
Quote from NoDoji:

Actually there are some very good counter-trend traders here (ammo, AMT and lescor, to name a few) and I've followed AMT and ammo in action and learned about what they do. THEY'RE good!
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I can tell! :) I know they're good. Read a lot of their posts.

Yoohoo's excellent as well. If you're ever interested go thru his posts. The "complete my chart" is just nuts (he posts his chart on page 3). Just an example.

I noticed Xspurt's good too.

Crazy part is, it works as good trend-following as it does counter-trend IMO.
 
Futures off 3.5 currently. I have some charts posted in elovemer's thread stating this area. In fact THAT resistance is the one that took us down back in Feb IMO. It's the only reason I don't have more patience for 1175 and Friday was the signal. We'll see though. I get stopped out I get stopped. It's 1%. I'm looking for 4-5+ on my last 1/2.

Forgot to mention it's upward sloping hence the reason why it needed to break highs. (makes it more difficult and possibly shallow). Thing is there's gonna be a good number of stops triggered if this is it hopefully.
 
I didn’t get “fall you turd” at first, but now I do. You think Uncle Ben will give market an enema this week. I had no idea you thought the markets were constipated. Do you think he will stuff the interest rate syringe up the markets ass?
 
Quote from stevegee58:

This up every day thing is getting tiresome.
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The one day that it will fall, it will probably open up and not down...bears would have covered intraday.
 
Just put on your trade and shut up. If it falls it falls if it doesn't so what move on to the next thing. Why do we need to start threads like this?

Obviously if you feel the need to start discussions of this nature you are concerned with your position and therefore should be out. Simple as that.
 
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