Are you bearish now ?
SPX Has Topped For The Year Or Pabst Will Leave ET
- Thread starter Pabst
- Start date
KrazyKarl,
I have to agree with you - I was very surprised at the results also.
It's probably like everything else, it is more natural to speak up and take the time to post when you are negative.
For example, check out any car forum - you'll see 90 complaints for every 10 positive posts.
Frank
I have to agree with you - I was very surprised at the results also.
It's probably like everything else, it is more natural to speak up and take the time to post when you are negative.
For example, check out any car forum - you'll see 90 complaints for every 10 positive posts. Frank
When one trades from a position of strength i.e. being well funded, it is easier to make money since there is very little pressure to make hundreds of percent per year in order to build a respectable trading account.
I believe that there is a time in the life of all traders when they approach a very fine line. This line separates the consistently profitable from the consistently unprofitable traders.
Many successful traders refer to this stage, as the day a light went on in their brain or something of that nature...
Did you go through this? Could you share with us the thought processes of the time?
Thanks !
I believe that there is a time in the life of all traders when they approach a very fine line. This line separates the consistently profitable from the consistently unprofitable traders.
Many successful traders refer to this stage, as the day a light went on in their brain or something of that nature...
Did you go through this? Could you share with us the thought processes of the time?
Thanks !
You may be referring to the time that I realized that I could make more consistent money without using high leverage. That was an epiphany for me. The promise of huge profits through high leverage is a false one used to prey on unsuspecting suckers. I was initially one of those suckers. There should never be pressure to make hundreds of percent gains, no matter what the account size. Only patience and activity related to the longer term charts should be employed. I find it interesting when someone uses a 2 point stop as a rule when trading. Well, if the market has recently traded at the level that the stop is, then you are asking to be stopped out. That is why a 2 point stop or a 2 point gain is a unintelligent rule. --When I first started the ES Journal to do a bit of daytrading, I would like getting stopped out, because it would then allow me to add positions for the next trade. However, most traders don't do that, they just use the same position size the next time, so you have negative expectancy. The only reason a person would use a 2 point stop is to be able to add on the next trade, otherwise, you would be better served to use a much wider stop--one that relates to the market activity. These kinds of wider stops and lower leverage are what make winners. I would argue that the line is not that fine, rather it's fairly broad and clear cut.
That poll is a load of horseshit, excuse my french. That poll is asking if there is going to be a crash!!!!! Shit, I can't believe 1/3rd of ET is saying there will be. Guys, I would argue that 95% of ET is bearish right now. Every one of my personal friends that trades is bearish. Almost all the ETF's are hard to borrow meaning the whole world is short the ETF's. You make the call.
i was getting nervous on the august/september vola dryout at the high of midterm range. did analysis on the dow since the sixties. result was that it was rather a bullish sign over a couple of weeks horizon. now, after that period things are open again from that perspective. too me the recent trend looks healthy.
clearly we are still in resistance zone.
i am not trading upon what i just wrote, so this is not a call.
Hats off that you make such a call. can make you famous ...! "Pabst said IT!" ...
I have market profile levels for the ES at 1353.25 and then 1357.25 above this.....my take is we at a minimum tag the 53.25 level in the days ahead. We have the first of the month/quarter tomorrow and a Monday...so if the big money is going to sell into strength, they will need one day with a hard push early to pass off positions to the weaker hands. Then a 1320.00 ES level bust will confirm to me a downtrend shift from the recent highs.
How ever the market plays out this week, it would be sad to see Pabst leave imo (we need to have some "quality" around here).
How ever the market plays out this week, it would be sad to see Pabst leave imo (we need to have some "quality" around here).