Only I can pick the top: Short 1049 ES

FB123 · Sep 16, 2009

Quote from brownsfan019:

It's so easy after the fact, isn't it?

flipflopper · Sep 16, 2009

Quote from TheBestGuruEver:

Yes, I'm back with another swing trade

Selling ES at 1049 and stop at 1069

10 contracts

Objective: 870

December Contract.

Curious on the last time I sold 10???

931 to 892 was my last 10 contract short (check thread, like 15,000 views).

Guess what gurus, I don't charge a dime for such good calls. My calls will crush ANY guru who tries to charge for books and other crap they peddle.

please gurus, come in and try to fade me.

LOL

<A HREF="http://smiliesftw.com"><IMG SRC="http://smiliesftw.com/x/crossrc.gif" border="0" ALT="SmiliesFTW.com"></A>

You know you need to cover at the close if this thing doesn't sell off today right. My little smiley above never works!! A 10 plus handle green daily bar at the Yearly highs completely changes the equation.

I too thought the market was topping but today is a game changer. Why wait for your stop to get hit???? Reverse and profit!!!

Rickshaw Man · Sep 16, 2009

Quote from TheBestGuruEver:

Yes, I'm back with another swing trade

Selling ES at 1049 and stop at 1069

10 contracts

Objective: 870

December Contract.

Curious on the last time I sold 10???

931 to 892 was my last 10 contract short (check thread, like 15,000 views).

Guess what gurus, I don't charge a dime for such good calls. My calls will crush ANY guru who tries to charge for books and other crap they peddle.

please gurus, come in and try to fade me.

LOL

6.5 ES points and your history now @ 1062.50

Rickshaw Man · Sep 16, 2009

Quote from flipflopper:

<A HREF="http://smiliesftw.com"><IMG SRC="http://smiliesftw.com/x/crossrc.gif" border="0" ALT="SmiliesFTW.com"></A>

You know you need to cover at the close if this thing doesn't sell off today right. My little smiley above never works!! A 10 plus handle green daily bar at the Yearly highs completely changes the equation.

I too thought the market was topping but today is a game changer. Why wait for your stop to get hit???? Reverse and profit!!!

He won't be back, seen this a hundred times on the ES Journal.

flipflopper · Sep 16, 2009

Quote from Rickshaw Man:

He won't be back, seen this a hundred times on the ES Journal.

I've made my fair share of top/bottom calls on ET. I think the reason people like to make them is because they are so difficult to make money on that when you see some signs of a logical turning point instead of losing money and taking that trade you hit the internet and go for message board glory!!!!

FB123 · Sep 16, 2009

Quote from flipflopper:

I've made my fair share of top/bottom calls on ET. I think the reason people like to make them is because they are so difficult to make money on that when you see some signs of a logical turning point instead of losing money and taking that trade you hit the internet and go for message board glory!!!!

Except that there is no actual glory in it. Every experienced trader knows that making a call on a top or a bottom after it has extended the opposite way is nothing but a guess, and that only a green trader would even try it or think that it means something if he's right. Experienced traders simply wait for reversal signals, which take time to form. They know that trends are essentially ENERGY, and have MOMENTUM. You can't reverse a trend on a dime. Trends turn into trading ranges to absorb their energy and kill the momentum, which then allows energy to build for an opposite trend.

So if you're making a bottom or a top call as the trend is extended like this, you're not even realizing that it will have to turn into a trading range first 99% of the time. Experienced traders WAIT for the range to happen, READ what is going on in the range, and THEN make a reversal bet. Newer traders take time to learn that, and some never do. The very fact that someone even bothers to call for a major top or bottom at a juncture like this shows that they are still learning about trading, because even if you're right it doesn't mean anything.

flipflopper · Sep 16, 2009

Quote from FB123:

Except that there is no actual glory in it. Every experienced trader knows that making a call on a top or a bottom after it has extended the opposite way is nothing but a guess, and that only a green trader would even try it or think that it means something if he's right. Experienced traders simply wait for reversal signals, which take time to form. They know that trends are essentially ENERGY, and have MOMENTUM. You can't reverse a trend on a dime. Trends turn into trading ranges to absorb their energy and kill the momentum, which then allows energy to build for an opposite trend.

So if you're making a bottom or a top call as the trend is extended like this, you're not even realizing that it will have to turn into a trading range first 99% of the time. Experienced traders WAIT for the range to happen, READ what is going on in the range, and THEN make a reversal bet. Newer traders take time to learn that, and some never do. The very fact that someone even bothers to call for a major top or bottom at a juncture like this shows that they are still learning about trading, because even if you're right it doesn't mean anything.

You sound like a wise trader. I am not being facetious. I only come on these boards for pure entertainment purposes... to watch the suckers (who trade for fun) getting burned... and to make top/bottom calls!!!! Cause I love seeing time and time again how impossible they are.

ChipBSmall · Sep 16, 2009

Quote from TheBestGuruEver:

Yes, I'm back with another swing trade
Selling ES at 1049 and stop at 1069
10 contracts
Objective: 870
December Contract.
Guess what gurus, I don't charge a dime for such good calls. My calls will crush ANY guru who tries to charge for books and other crap they peddle.
please gurus, come in and try to fade me.
LOL

No guru but thank's for the fade offer.
In on your fade, out at 1062.75 on 10.
Easiest 12 ES points I've made for a while.
Thanks for not charging us for it.
You're a peach.

leorc · Sep 16, 2009

pwned...

dont predict, its deadly.

kxvid · Sep 16, 2009

What a failure of a call. You got lucky on your last call, now the market will take back what it is owed.