House of If You Can Draw A Straight Line

[Gringo]

These journals have had their fair share of trolls. One of our most recent was long yesterday in the YM, ES, and NQ, doubling down in the NQ. In addition, he believed that the selling was over at lunchtime.

I did go back and check the calls for the buys while the price dropped. It reminded me of myself some time back when the hope monster would keep me buying dips. It's not a pleasant experience nor I wish anyone to experience it. I hope the protagonist has all the best of luck. What does concern me is that the thinking is so deadly that sooner or later the trading gods are going to call that bluff and that's when the bow is likely to break.

I don't want to presume to know much about a person from a few posts but the journey is still in the early phases and many a lesson lay ahead. In trading as in life, the test comes before the lesson if one isn't consciously taking the steps.

Gringo

 

[dbphoenix]

In trading as in life, the test comes before the lesson if one isn't consciously taking the steps.

Gringo

That would make a good signature.

 

[fortydraws]

I find that knowing these things ahead of time is more useful than "real-time" calls, though not everyone agrees.

I find the real "work" is the weekly and my premarket prep. Once the bell rings, trading itself almost seems mechanical. Yesterday, the rally to the prior day's NY high fails - sell it. The brief pause at midpoint of the prior day's AM hinge fails, sell it some more. Then the prior day's NY low fails, and the the rally back to prior day's low meets with selling - sell it again.

I remember coming across an old, old post of yours where you said something along the lines of "price is either going to continue or reverse - it can't do anything else." That might sound like a "no $hit, Sherlock" observation to the trolls, but to those who understand that you can identify before hand those price levels where the either/or will likely become significant, it's like Saul's scales.

 

[dbphoenix]

Well, waddayagonna do? Worry about HFTs and algos, I guess.

 

[dbphoenix]

Last night's rally attempt was pretty weak. Couldn't even retrace half of Wednesday's downdraft.

But then there's no guarantee that there won't be another rally attempt. However, at the moment, the LOLR is down.

 

[Eddiemorra]

Yesterday, the rally to the prior day's NY high fails - sell it. The brief pause at midpoint of the prior day's AM hinge fails, sell it some more. Then the prior day's NY low fails, and the the rally back to prior day's low meets with selling - sell it again.

.

yes, was a nice easy day, but then, they often are

 

[dbphoenix]

The limits of the morning's buyer-seller dance should be clear by now. And there is always the option of entering a trade before the "open" (an important advantage of trading futures).

 

[dbphoenix]

Last night's rally attempt was pretty weak. Couldn't even retrace half of Wednesday's downdraft.

But then there's no guarantee that there won't be another rally attempt. However, at the moment, the LOLR is down.

Down 60pts so far.

 

[fortydraws]

I find that knowing these things ahead of time is more useful than "real-time" calls, though not everyone agrees.

Last night's rally attempt was pretty weak. Couldn't even retrace half of Wednesday's downdraft.

But then there's no guarantee that there won't be another rally attempt. However, at the moment, the LOLR is down.

Down 60pts so far.

I hear that the Sands is now making odds on how long it will take a troll to make a post asking for your blotter

It should not be long, because most trolls will not have read the thread carefully enough to know that LOLR = "Line Of Least Resistance," and instead will be trying desperately to figure out what the "R" stands for in the phrase "Laugh Out Loud R__________"

 

[dbphoenix]

Maybe they'll be able to understand that today's setup was virtually the same as yesterday's.

Or maybe not.