Surf's Special Situation Journal

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Quote from marketsurfer:

Being on Wiley's finance book reviewer's list for a number of years( thus having cases of books delivered to my home monthly) -- i don't disagree with you-- there are many self styled experts in this biz that have no pedigree or ability other than the skill to spin a yarn. However, there are a few stand outs of folks who have actually walked the walk and are able to write about it-- niederhoffer and gallacher are two of them.

The TA folks here mention authors like they are trading gods, but the truth is these authors are unknowns in the real world of finance.

Put simply, KNOW who you are reading and what verifiable background gives them the pedigree to teach.
surf
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"My" author #1 is Vic Sperandeo, who definitely layed out both fundamental and technical sides of how the markets operate quite well. I can even say I trade based on the ideas grasped from his two books. Adapted to modern conditions and with addition of personal 7 years experience in the markets of course. :)
 
Quote from cornixforex:

"My" author #1 is Vic Sperandeo, who definitely layed out both fundamental and technical sides of how the markets operate quite well. I can even say I trade based on the ideas grasped from his two books. Adapted to modern conditions and with addition of personal 7 years experience in the markets of course. :)
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I have only heard good things about "trader Vic"--- I like reading about market history also-- the way the old timers did things was quite amazing. Too bad that model has long been evolved out of existence. surf
 
Quote from marketsurfer:

I have only heard good things about "trader Vic"--- I like reading about market history also-- the way the old timers did things was quite amazing. Too bad that model has long been evolved out of existence. surf
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Short-term behavior of most markets changed of course, but long-term fundamental factors are as actual as they were back when the books were written. I doubt they are going to change at all in an observable future, because whole economic paradigm is based upon them.

BTW, what I liked is that he openly admitted he only presents general principles and does it exactly for the reason things change.

So he never tried to sell snake oil aka "holy grail" system, indicator etc.

I like that approach and strongly believe trading success is all about evolving together with the market, adapting to changes as it changes.
 
Quote from marketsurfer:

surfers, we are covering the shorts here and reversing LONG at 35.16 in WFC special situation, word heard of good news infoarb.
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Surf should I still be holding this turkey at 33.67 or can I let it go? And what was that good news you heard?

P.S.: To correct myself, the previous WFC long was posted only 30 minutes late, not 3.5 hours. I didn't realize the posted chart was Pacific time... Kind of interesting, you didn't correct it....
 
Did he cover yet? He acknowledged the price driver failure but I'm not sure if he actually said he exited and or at what price.

Quote from Pekelo:

Surf should I still be holding this turkey at 33.67 or can I let it go? And what was that good news you heard?

P.S.: To correct myself, the previous WFC long was posted only 30 minutes late, not 3.5 hours. I didn't realize the posted chart was Pacific time... Kind of interesting, you didn't correct it....
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Quote from Xspurt:


Friday closed on critical support and in an election year when they manipulate everything they can to support the market the plunge protection team will be on hand. However there are a few things to note: this is a very negative chart pattern calling for much lower prices when the support breaks and Fri 19th is the anniversary of the Black Monday crash of '87 and there is a history of panics repeating. Friday late closes need to be watched.

The action now is either to take profits or better still, go into the same mode of analysis as started the move and look for a reversal up to catch the pop or if the support breaks continue holding.
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Well, whaddya know! I got lucky AGAIN with TA. Profits booked and they loved that blue support for a pop up for some reason. What a total surprise guys that TA price drivers work!

Funny, the luck doesn't seem to be rubbing off on WFC's price drivers. Probably just needs more time?
 

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Quote from R. Raskolnikov:

Did he cover yet?
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Not in this journal. And we are back to the integrity issue. Every entry needs either a stop loss or an exit, otherwise what's the point, beside the attention seeking?
 
Quote from R. Raskolnikov:

Did he cover yet? He acknowledged the price driver failure but I'm not sure if he actually said he exited and or at what price.
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Yeah, i took a loss on the trade. No biggie, lots of opportunity in the market. surf
 
Quote from marketsurfer:

Yeah, i took a loss on the trade. No biggie, lots of opportunity in the market. surf
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Really? No biggie? You had to have lost at least 1.25 or so on that trade. 3.5 to 4.0 % on WFC is more than "no biggie".

I have an idea for a new system. Every time you claim "I nailed it" take the other side of the position. Worked like a charm in WFC....JCP............


On your next "special situation " try clamming up until you are out of the position. Bet you catch a huge winner.
 
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