Quote from ammo:
steve i cant post a chart,but if you draw a yearly from 1929 til present,u can connect 1929,1987 highs and u have 805 support in spx,if we break that you connect 1942 and 1974 lows and u have support at 605,this supports both points of view and as always the market will do one or the other and it will be right,making the opinions of all on ET useless about 50% of the time
Quote from shortie:
ok, looks like got it all wrong with my prediction.
so, your methodology is two steps: 1. identify losers, 2. identify the level when the losers bail out. this is all pretty quantitative so it is not about speculating based on the chart where support/resistance lies. this is how you get the super-precision in your calls.
i will venture another guess about late friday action and monday reaction based on what you wrote. looks like longs could be the losers here (unless they got exhasted, quite possibly because ton of stops got hit). this may get clear on monday. if we gap down, this will flush the remaining longs and we will rally.
what if we gap up? then i assume the long losers bailed out on friday and now shorts are the losers stuck with market going against them. it is possible the gap won't fill in the morning and will will rally till loser shorts bail.
Quote from NoProblem:
Just my .02.................
Anyone holding any position over the weekend is playing with fire.
A lock limit gap (up OR down) should be expected in this environment IMO.
Global (G20) summit this weekend - why on earth chance it?
Steve
If you mean "RFT", most of his wit, wisdom and trading info can be found in this important forum:Quote from Arpilla:
Guys, I'm new to the forum and trading as well.
Where can I find the RTF blog?
What would you recomend to read to get insides and understand better the markets?
Thnx
Quote from Arpilla:
Guys, I'm new to the forum and trading as well.
Where can I find the RTF blog?
What would you recomend to read to get insides and understand better the markets?
Thnx
Quote from Wayne Gibbous:
If you mean "RFT", most of his wit, wisdom and trading info can be found in this important forum:
http://www.elitetrader.com/vb/forumdisplay.php?s=&forumid=54
Quote from jd7419:
Are you Hersheys evil twin?
Quote from riskfreetrading:
You did not understand, and he did not understand.
Quote from piezoe:
In my post immediately above, i omitted perhaps the single most important point to be drawn from the present market technicals. If an intraday trader wants to trade conservatively and minimize risk in this extremely volatile market, the best way to do it, other than staying out altogether, is to take only short trades off the upper side of the resistance band when the trade is well supported by the market internals. This is less risky than trading long off the lower side of the support band, because, at present, the risk off getting caught in a breakdown is greater than the risk of being caught in a breakout.