S&P 500 looking very toppy
- Thread starter rubberbird
- Start date
My beak is watering with all the short opportunities that will be upon us soon!!
Are you a girl?
THIS GUY HAS GOT TO BE THE GREATEST CONTRARIAN INDICATOR EVER ON ET.
You have made me a ton of money in the last 4-5 weeks.
Keep up the good work, buddy!
SPX 1237.
This is a perfect example of why you must say "NO" to drugs, boys and girls.
When I said today that I was feelin good about a formin top, the S&P was @ 1235. Now @ 1237, lithium capital spews. Stay off the drugs, lithium cap.
do you guys even watch the charts, or just make predictions all day long? i was biased to the downside, but support never broke. bias has lost me money in the past - being objective to what is actually happening is the key. don't predict - react! it is fine to be a bear like myself, but as a nimble trader forget the bias and predictions - define your risk at support or resistance!
http://finance.yahoo.com/q/bc?s=SPY&t=5d
we fell to support this morning. support held. so you go LONG. if support had broken, you would have gone SHORT. in the afternoon, we formed a very clean wedge on SPY, and the Nasdaq Composite formed a very clean multi-day wedge. you play the breakout in the afternoon. It broke up. (we were above support anyway so you should have been LONG at support from this morning). You go long again - or add to a long. Put your stop in. Let it ride. Resistance still ahead - 2192 area on the Nasdaq.. Go short at resistance, or add long above. Voila! No predictions required! Just add stops and strict money management (i.e. never overleverage yourself!) and you have yourself a profitable, simple, yet effective trading system, using support and resistance with tight stops and excellent risk/reward. No egos, no flaming each other on message boards - everyone is happy. I wish everyone could make money. Wouldn't that be splendid?
Good trading all.
-ei
http://finance.yahoo.com/q/bc?s=SPY&t=5d
we fell to support this morning. support held. so you go LONG. if support had broken, you would have gone SHORT. in the afternoon, we formed a very clean wedge on SPY, and the Nasdaq Composite formed a very clean multi-day wedge. you play the breakout in the afternoon. It broke up. (we were above support anyway so you should have been LONG at support from this morning). You go long again - or add to a long. Put your stop in. Let it ride. Resistance still ahead - 2192 area on the Nasdaq.. Go short at resistance, or add long above. Voila! No predictions required! Just add stops and strict money management (i.e. never overleverage yourself!) and you have yourself a profitable, simple, yet effective trading system, using support and resistance with tight stops and excellent risk/reward. No egos, no flaming each other on message boards - everyone is happy. I wish everyone could make money. Wouldn't that be splendid?
Good trading all.
-ei
There is some logic to rubberbirds trading style. You canât judge it daily. If S&P moves up 10 more points from here I think rubberbird is wrong. Itâs still in a zone so let see what happens. The bird might be an ass but he is not a wrong ass yet. I have to say I thought short but over the last few weeks I think the market does not want to go down. Who are we to judge this call until it makes the breakout.
Yes, if it moves 10 pts up, towards 1250, I will be wrong. You know how i'll know? The aug 1250 calls will explode in my face, and i'll lose money.
That's how i'll know i'm wrong.