Surf Report

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Frederick Foresight said:
Although I agree that price is paramount, I don't like to speak in absolutes. Just because I don't rely on fundamentals does not mean that someone else can't do a better job of it than I can. But, indeed, price is the final arbiter.

As for TA, while I use the most basic of price action in my own trading, I do agree with those who say that much of what passes for TA is crap. I'm just careful not to throw the baby out with the bathwater.
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I understand. And agree. Generally, as concerns life. But in trading price is an absolute. Nothing else matters. What it does, how it does it, where it goes is all that means anything. The "why" doesn't matter one bit. And most of the time cannot be known accurately. Just too many variables. A fund trader whose wife had mucho dinero in the fund could be giving him hell so he sells to move price down. Personal vendetta. Prices drop . Wife sells out. Madder than a hornet on a summer day. Threatens divorce. Trader ..under breath.. says "hurry get paperwork up". Or surf wants to buy a 30 million dollar home. Sell 30 million worth of emini position. Price plunge...buys home..goes long in emini prices rises back up...surf enjoying new home..plus making more money..surf's wife grinning from ear to ear.
 
Careful now...this IS the Surf Report! I'm not sure actual market discussion is allowed here beyond "We predict a massive market drop soon, shorting Dow futures...," "Shorting more here, market drop imminent...," Shorting last tranche, stay short Surfers...," "Indicators show huge drop will happen...," "Adding to shorts...," "Adding more shorts, here...," "Going all in here short, I'll quit trading futures if this doesn't work...," etc, etc, etc...
 
truetype said:
That's the beauty of systematic trading... you can take long weekends with worrying about your portfolio.
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ROFLMAO AGAIN AND AGAIN. It is right the opposite. You can bet the surf is munching on popcorn shrimp, AND sweating as it rises again and breaking beer bottles on the beach to vent his frustration.

You see you are only at risk when you have money in the markets. The day traders can rest at night and weekends. Surf may be wringing hands come RTH monday.

You see, he could have covered his short grabbed over 100 points, went long...grabbed another 100, went short grabbed another 80 or 90, went long and grabbed another 80 all before the close today. Total potential 360 to 370 points since he shorted this last time yesterday (i believe it was). BUT, since he doesn't believe in TA OR PA he rides his position up and down like a termite in a yo yo. I tried to tell him about those dogone wedge bottoms.

Hopefully, it will drop and he will come out ok. But i would have grabbed my profits especially since his entire YM career DEPENDS on this last short of his. LOL i gotta leave this thread. Can't take no more.
 
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