The Rally Since 1PM . . .

[Aaron Copland]

Quote from whitster:

"Long term professional traders also trade only in the direction of the trend."

idiotic.

i know several "longterm professional traders"

some do. others trade whatever high probability setups present themselves - trend, countertrend, or whatever.

as soon as you say you speak for everybody - you speak for nobody

fwiw, a little over 1/3 of my trades today were short. 2/3 were long

but the overall trend is down. so what?


You know some but your not one ok.

what matters is positive expectancy setups WHATEVER your methodology.

what doesn't matter is dogmatic nonsense statements you pulled out of your okole

 

[Landis82]

Quote from Aaron Copland:

Before you go would you buy the ES here at 1326 yes or no? Pretty simple question.

Yes.
Now go run along.
Mom says to have your homework done before dinner.

 

[SWhiting]

I think you might want to wait for a pullback to the 1310-1312 area first. Might want to catch some of that pullback too.

 

[Cheese]

Quote from Landis82:

has been brutal . . .

:eek:

There is no 'brutal' at all - save what you deliberately do to yourself. Think of lots and lots of soft cuddly pussycat points of net profit for yourself.

The YM today, Tues 3/11/08, going up/down and repeating, had 29 'legs' of 15 or more points - most were sizeable with some 'biggeys' such as the last one going up to the close. That is a gigantic sh*tload of points offered to traders in the session. You trade those gyrations buying upmoves and selling downmoves sequentially with the precise signalling of an accurate methodology.

 

[prince-in-jail]

What is so difficult to grasp in today's rally? React to what you see, not to what you think might happen. I read posts in this thread where "traders" continuously shorted on the way up. Is that sensible? Take a step back and ask yourself, "am I acting against the market or with the market?" Who is exploiting whom?

Landis82 pointed out very correctly. Go with the flow.

The market that looked so gloomy yesterday has reversed. Bulls denied the bears from making progress, simple as that. And you keep discussing about whether this is a temporary pop-up or where you want to open your short positions. Utter nonsense! Established traders make money while you are still cussing, rationalizing, and analyzing.

 

[MKTrader]

Of course double-bottoms can fail, but that's not best example IMO. That DB gave a nice long opportunity for swing and even position traders. It held for 6 months and wasn't broken until the 9/11 attacks. An event like 9/11 could break any type of textbook pattern.

Quote from Aaron Copland:

Do you remember this double bottom? Just about the same time 7 years ago.

We never made a higher high, but we sure made a lower low.

Bottom line the jury is still out folks.