The Surf Report--part 2

Quote from EPrado:

It wasn't a trade I would do. Just like when I told Surf there was a better chance of a 40 point bounce as he was short...which did happen.

My point is I let the mkt tell me what to do through price action. Would rather short a mkt in a down trend then stepping in front of a train.

Not sure what you are getting at.....
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You don't sound like a guy letting the market dictate what he should do through price action. If you were focused on price action surely the last few days there might have been something that led you over to the short side, well before 1305. 1305 sounds to me like you're a retail chartist looking at chart points...although I don't personally think 1305 means anything.

You and others have been unmerciful on surf as the market climbed against his short position. The noise hit a crescendo at the peak. Looks to me like you missed the decline...so I thought I'd make fun of your statement like you did surf...after all it was the closest any of you got to making a statement about the market. Sorry my intent was not clear to you.

OldTrader
 
Quote from OldTrader:

You don't sound like a guy letting the market dictate what he should do through price action. If you were focused on price action surely the last few days there might have been something that led you over to the short side, well before 1305. 1305 sounds to me like you're a retail chartist looking at chart points...although I don't personally think 1305 means anything.

You and others have been unmerciful on surf as the market climbed against his short position. The noise hit a crescendo at the peak. Looks to me like you missed the decline...so I thought I'd make fun of your statement like you did surf...after all it was the closest any of you got to making a statement about the market. Sorry my intent was not clear to you.

OldTrader
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How would you know what I am doing? I don't post my trades. Never have. If you read my statement correctly, I was implying I would rather short into a down move.....follow price action...etc. So given the choice of shorting up at 1340 into a big up move, or down at 1305 into a sell off, I would choose the latter. That's all.

You have me mixed up with others here amigo. I never once said a thing to Surf as far as the position going against him. In fact, I believe as he went on tilt, I was one of the few who said "big deal...trade out of it...move on and you'll be fine". I did give him some crap about quadrupling his position after he claimed it was a bad trade....I think everything I said was fair and very in line.
 
Nice trade. Though I don't know your system, I agree with your outlook based on risk/reward. The risk is for further downside here. You really can't ask for a better setup with a grinding up market last week squeezing out shorts and setting up what seemed like a bulletproof long into a "no brainer" agreement. No brainer stuff is the herd....... . Longs are trapped here and praying. The announcement will be the last chance for longs to sell.


Quote from marketsurfer:

Holding full position here. There should be additional downside to come. We anticipate turns, but for those who wait, th market has tipped its hand. Just like 1987, there are multiple tells of a pending massive drop. It's guaranteed to happen. Surf
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The guy makes fun of me as the mkt goes through the level instantly being profitable. But defends a guy like Surf who puts on a position and has it go 30 handles against him. Gotta love this thread. It attracts
all kinds..................


Surf.....good luck with this thread.
 
Quote from Lights:

Nice trade. Though I don't know your system, I agree with your outlook based on risk/reward. The risk is for further downside here. You really can't ask for a better setup with a grinding up market last week squeezing out shorts and setting up what seemed like a bulletproof long into a "no brainer" agreement. No brainer stuff is the herd....... . Longs are trapped here and praying. The announcement will be the last chance for longs to sell.
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thanks and well stated, Lights. it was soooo classic, I am surprised I was hit with such negativity about the position-- yeah, my timing was early, but i was sized --- at first-- to take the heat-- making up for the early entry--- then went ALL IN when it was screaming short---

surf
 
Quote from EPrado:

The guy makes fun of me as the mkt goes through the level instantly being profitable. But defends a guy like Surf who puts on a position and has it go 30 handles against him. Gotta love this thread. It attracts
all kinds..................


Surf.....good luck with this thread.
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thanks, Prado. but please be clear-- the move against me was with 6 contracts--- I nailed the turn with huge size ( relative for me) whatever you think of my trading-- one couldn't ask for better results on this one.

surf
 
It's all time frame. If one's time frame is a week, then risking 1% to make 3% is reasonable averaging into a full position over time. If one's time frame is 10 minutes like most people here, you need to be more exact which to be honest is virtualy impossible now.

Jr. risk manager used to tell me years ago that I was always early in my trades and taking heat. Asked me why that is and I told him, better early and involved than late and not involved.

Quote from marketsurfer:

thanks and well stated, Lights. it was soooo classic, I am surprised I was hit with such negativity about the position-- yeah, my timing was early, but i was sized --- at first-- to take the heat-- making up for the early entry--- then went ALL IN when it was screaming short---

surf
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Quote from Lights:

the negativity can also be valuable sentiment data.
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Brilliant--- if you observe closely, that is generally the case. as elite is a microcosm of the marketplace. yes, i take it into consideration when trying to project turns. although, sentiment is just a small part of the price driver system
 
Remember what happened to you last time you gloated?.

This is no time to gloat. It is time to take, at least some, profits. At least with the portion of contracts that you entered too early. It is time to tighten the seatbelt from "Kamikaze reckless" to a safer position.
 
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