Thanks.
But my goal is to catch the big turns, not picking up nickels. I still believe today will be a major turning point in the SP. Time will tell. Good luck!
The Surf Report--part 2
- Thread starter marketsurfer
- Start date
Thanks.
But my goal is to catch the big turns, not picking up nickels. I still believe today will be a major turning point in the SP. Time will tell. Good luck!
It very well could be...2-tops usually provide a nice inflection/reactionary point on the charts.....this would actually be a good place to put on a small short position ...to see if the "reaction" turns into a significant move.....which it may....but off of powerful formations like a monthly/weekly IHS is suspect as we can gap right up to that 63/66 zone in the premarket.
"turns are designed for tight stops...ala PTJ.......best of luck,Dave.
Stops area a sign of weakness ?
Surf my man, you are killing me with this stuff.
IF one has the ability/discipline to get out when they know they are wrong, then yes...stops might not be needed. You seem to be good at admitting when you are wrong so perhaps you don't need stops. But what is the difference between you saying "Hey..at 1355 my ES short is now wrong...I'll cover here as they trade 1355" and someone putting in a physical 1355 stop?
I have seen many traders over the years be in a position going against them say "once it trades 1355 I am out". It gets to 1355 and they say "I'll give it another point......then another point....and they end up covering 4 handles higher". That or as the market approaches their "wrong" level they end up trying to get a certain price, miss it, and keep chasing up because the mkt blows right by them.
As far as this trade....is gonna be tough for ES to sell off as gold continues to explode in post pit trading. Perhaps if Gold slows down ya might get an ES sell off.
Surf my man, you are killing me with this stuff.
IF one has the ability/discipline to get out when they know they are wrong, then yes...stops might not be needed. You seem to be good at admitting when you are wrong so perhaps you don't need stops. But what is the difference between you saying "Hey..at 1355 my ES short is now wrong...I'll cover here as they trade 1355" and someone putting in a physical 1355 stop?
I have seen many traders over the years be in a position going against them say "once it trades 1355 I am out". It gets to 1355 and they say "I'll give it another point......then another point....and they end up covering 4 handles higher". That or as the market approaches their "wrong" level they end up trying to get a certain price, miss it, and keep chasing up because the mkt blows right by them.
As far as this trade....is gonna be tough for ES to sell off as gold continues to explode in post pit trading. Perhaps if Gold slows down ya might get an ES sell off.
Surf, you have been consistently wrong on the last several of your trades. Still think you have an edge? I person would make a lot of money betting against you.
Taking loss at 1350. I was wrong, will await next entry.
Best,
Surf
Best,
Surf
I should have stated fixed stops. I try to let the market tell me what to do without any preconceived notions about exits. Surf
Reshorting here at 1353.00 with 3 contracts. Surf
Letting the mkt tell you what to do is a great way to exit. But what is different between what you are saying, and someone saying "when the mkt goes to 1355 this trade is wrong...I have a stop there".
Not sure what the difference is here.
The argument between fixed stops and moving/trailing stops is a tough one. I prefer fixed stops as moving stops can take one out of good trades too early.
Short gold and short oil, both up strongly. Man you are the best fade trade.
I am going long 500 shares of SMRF. That is the ETF that tracks 2x the inverse of all your calls. Should be a lock!
I am going long 500 shares of SMRF. That is the ETF that tracks 2x the inverse of all your calls. Should be a lock!