Surf's Special Situation Journal

[traderchi128]

Quote from marketsurfer:

Stops are for weak hands, nervous nellys and over leveraged pikers. I'll close the position when/if the underlying logic changes. surf

Perhaps the dumbest thing you have ever said on here. Stops are for disciplined traders with a well defined risk management plan. Leverage has absolutely nothing to do with stops. NOTHING.

No Surf, you aren't a nervous Nelly. You are a gambler with absolutely no idea on how to take a loss. Guys like you make small amounts of money on some trades, then get obliterated on one or two that destroys their account.

It's hilarious listening to a guy like you who can't trade and consistently blows out telling guys who use good risk management and are sucessful that they are "weak hands".

I have been around a lot of blow up traders over the years, and they all think like you.

What if you "enderlying logic is right" but JCP goes to 50 ?

 

[Fah Q]

Quote from marketsurfer:

Stops are for weak hands, nervous nellys and over leveraged pikers. I'll close the position when/if the underlying logic changes. surf

did that work out for you on the gold trade?

 

[eurotrasher]

Quote from marketsurfer:

Stops are for weak hands, nervous nellys and over leveraged pikers. I'll close the position when/if the underlying logic changes. surf

dude,

just kick back, spark one up and let them strip mine your coin.

i luv this shit.

 

[Fah Q]

Quote from traderchi128:

P

What if you "enderlying logic is right" but JCP goes to 50 ?

this is what i was wondering too.

 

[traderchi128]

Quote from Fah Q:

this is what i was wondering too.

It's classic. One of those guys who frown, fold thier arms and say "I am right...the market is wrong". Then proceed to get blown out as the market keeps going against them.

Bad Trading 101

 

[eurotrasher]

Quote from marketsurfer:

Down about $3 on the JCP short. Things are unfolding slower than forecast but nothing has changed with th macro picture on the company.

i like a guy who forecasts.

maybe get the HFT dudes to give it a shove " down the short pipe."

" the penny " should be able to roll up to 38.00 in change on the bull retrace.

aloha

 

[NoDoji]

August 10: "JC Penney JCP has set up to be an ideal short right now. We have entered SHORT at 23.55 and 23.60."

Here's what I don't understand: Surf argues at length with us TA traders who use tight stops, TA doesn't work, stops are for weak hands, and so on.

I would bet that every technical trader on ET and all the ET-annointed "snake oil salesman" as well (Brooks, Farley, Pristine Trading, AustinP, etc.), would tell you that the price action on JCP on August 10 was a clear confirmed long signal for a swing trader:

1. Price opens gapped up significantly over previous swing high resistance on 7/27.

2. Price pulls back and finds ready buyers above the previous day's high.

3. With a higher low (8/3) and a higher high (8/10), we now have the framework for a new trend with an initial test of 25.42 and a secondary test of 28.35 in play.

So that's the TA-based argument for a long trade and there is a clear "last ditch" level at which the long hypothesis would be proven unlikely to provide a profit: a break of 20.40 support

What is argument behind the "ideal short" hypothesis that day?

P.S. - Surf, check out Handle123's microscalping live calls on ES Journal, 2 tick stops, 4-8 tick targets. The Weak Hand was netting the dough...

 

[ChkitOut]

Quote from NoDoji:

August 10: "JC Penney JCP has set up to be an ideal short right now. We have entered SHORT at 23.55 and 23.60."

Here's what I don't understand: Surf argues at length with us TA traders who use tight stops, TA doesn't work, stops are for weak hands, and so on.

I would bet that every technical trader on ET and all the ET-annointed "snake oil salesman" as well (Brooks, Farley, Pristine Trading, AustinP, etc.), would tell you that the price action on JCP on August 10 was a clear confirmed long signal for a swing trader:

1. Price opens gapped up significantly over previous swing high resistance on 7/27.

2. Price pulls back and finds ready buyers above the previous day's high.

3. With a higher low (8/3) and a higher high (8/10), we now have the framework for a new trend with an initial test of 25.42 and a secondary test of 28.35 in play.

So that's the TA-based argument for a long trade and there is a clear "last ditch" level at which the long hypothesis would be proven unlikely to provide a profit: a break of 20.40 support

What is argument behind the "ideal short" hypothesis that day?

P.S. - Surf, check out Handle123's microscalping live calls on ES Journal, 2 tick stops, 4-8 tick targets. The Weak Hand was netting the dough...

at the very least, it was a fairly strong break out. you cant short yet. there has been no legitimate short signal yet.

 

[eurotrasher]

Quote from NoDoji:

I would bet that every technical trader on ET would tell you that the price action on JCP on August 10 was a clear confirmed long signal for a swing trader.

yowsaaaaaaa.

nice to see you back in the saddle.

tech attached.

the bull is snorting.

et

 

[marketsurfer]

Quote from Brass:

What percentage of your account equity are you willing to let the position go against you before you reconsider, drivers notwithstanding?

I don't think in this manner. I eliminate all possibilities of a disaster prior to the entry due to position sizing. JCP will collapse soon, it's just a matter of time.

surf