I am thinking about going short in the YM late today 03.22.07

Quote from ElectricSavant:

YM is lovely instrument...so far I have observed that highs are made to be broken and S/R have no application...

Going short in this bull is like laying down in front of a steamroller of leverage...

The buyers seem to come in out of nowhere...buying the dips...

I will give this short trade some space over the next few 15 minute candlesticks...Heck...the 10 point target is just noise anyways. I find the YM noisy with its hidden group of buyers dead set to see it reach for the sky...They got their high over 13K ...so let it close lower to add the uncertainty and cause longer holds....get rid of the intraday players....shake em' out!

YM is just an instrument to hold overnight...thats my opinion...all my overnight trades have been winners where my intraday trades have been mixed.



than u ver muc
ES
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The nice thing about overnight is if you turn the computer off your emotions don't get involved. In the morning you have what you have and can get on with the rest of your life. No thinking involved.:) :)
 
Well..I gave those candlesticks some space...and guess what?...

I cancelled the 10 pt target and bailed out of the short.... @ + 2 pts ..(those electric flippers, even made me wait for that!..I did not care for this trade...if you get my drift..the magic still says short and I will continue to look for that...over the next days...its very choppy and noisy today)

This irrational exuberance must STOP! so that I can trade and lose more. This is the last full week of trading for April 2007, with next Monday being the last day of the month.

It's the cable channels bringing in the masses too late...I can just imagine what they are saying...DOW over 13 K ...bla bla bla...I truly believe "Joe Public" is a gambler trading with catastrophic stops and not targets, buying on the dips, cause' they heard it on CNBC.

I am working hard at getting everything wrong and Thank You for reading.

Thoughtfully,
Joe Public
ES
 
Currently the YM is driving drunk at a slow speed right down the middle of the road...

I guess there are people trading the YM with Keltner channels today...as I cannot figure out how to lose with trading it today...


Thank you Very Much,
ES
 
Going short in this bull is like laying down in front of a steamroller of leverage...


How do you (or anyone else out there) gauge the strength and speed of a steamroller like this last one (seriously)?
 
On choppy days I watch the strength of the green bars for the bulls and the velocity at which it pumps up...only to be met with the counter-trend chop of several red bars....staying in their respective channels...

today...within the chop....it takes more red bars to correct...or less green bars to reestablish...but its all within the chop and the horizontal channel...

The channel is horizontal today...keltner bands are most effective...if you break into a trend "Can" the Keltners...


I trade the YM
ES


Quote from Bingoking:

Going short in this bull is like laying down in front of a steamroller of leverage...


How do you (or anyone else out there) gauge the strength and speed of a steamroller like this last one (seriously)?
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