So, you long the S&P?
- Thread starter jonbig04
- Start date
It's not about "standing in front of a train" or trying to predict what's going to happen next, it's about reacting the setups price is giving you.
Last night we had a break out of the resistance of 1098.
Today we are retesting the resistance at 1111. If we can break above it, their might be a nice long opportunity. But going long under this R obviously isn't advisable, as you can see we are bouncing off of it now.
So while everyone else is standing around wondering "why" we broke out last night, we don't care, but we knew when it was happening bc of the R at 1098.
When everyone is wondering "why" price stopped at 1111, well we don't care why, but we anticipated that.
Cracks me up when people on here say the market is random.
Last night we had a break out of the resistance of 1098.
Today we are retesting the resistance at 1111. If we can break above it, their might be a nice long opportunity. But going long under this R obviously isn't advisable, as you can see we are bouncing off of it now.
So while everyone else is standing around wondering "why" we broke out last night, we don't care, but we knew when it was happening bc of the R at 1098.
When everyone is wondering "why" price stopped at 1111, well we don't care why, but we anticipated that.
Cracks me up when people on here say the market is random.
That's not really helpful. Sure, it could happen. Who knows what will happen. It may even be the most likely scenario given how many times 1111 has been tested, but the idea here isn't to make predictions. It's to watch what happens to price, understand what it means and react accordingly.
Technical analysis and charting are so awesome (for telling you what already happened).
The market has a tremendous amount of pent up demand and an urge to breakout to the upside. There is a tremendous amount of good news that's occurred over the last two weeks that has not priced in or properly reacted to, largely because of Dubai but more generally because of lingering fear.
People inherently want this fear to dissipate...the more days that go by without the bogey-man showing up, the more this energy builds and the more people can't stand not to be in the market.
And yes, as we break out to the upside and some technical confirmations occur, we could see a structural shift to a higher price level, 1150 or so...
People inherently want this fear to dissipate...the more days that go by without the bogey-man showing up, the more this energy builds and the more people can't stand not to be in the market.
And yes, as we break out to the upside and some technical confirmations occur, we could see a structural shift to a higher price level, 1150 or so...
been long with at least half a position since 800-ish.
Have about 3/4 of a position on now. looking to flatten out any day now when it starts selling hard on big volume.
I've been in it long enough to be able to afford some tentative downside moves, but am definitely looking for the bubble to pop.
if it doesn't (everything seems to defy logic these days), fine! I'll hold...
Have about 3/4 of a position on now. looking to flatten out any day now when it starts selling hard on big volume.
I've been in it long enough to be able to afford some tentative downside moves, but am definitely looking for the bubble to pop.
if it doesn't (everything seems to defy logic these days), fine! I'll hold...