The Tao of Minimalistic Trading: $300 Daily Profit

[dartmus]

.25*(62.5+57+57.25+40.5)=54.375 = your basis = breakeven

 

[schizo]

basis = average cost of jb's position

So was your comment directed at JB? When you stated "and that will have to unwind before bears will relent..." I was thinking you had something specific in mind about the way bears reacted at the bottom.

 

[jimmiebarton]

.25*(62.5+57+57.25+40.5)=54.375 = your basis = breakeven

thats what i said about 50 basis.

i'm looking at a lot of charts..doing a lot rough math in my head

 

[schizo]

I'm looking at the chart from my phone, so not exactly a good view but looks like a H&S on the 5min setting up potentially. Somebody might want to verify that from a chart bigger than 2" lol.

I've gotten in an out 3 times. Flat right now. Up 1pt basically

It's far too early to tell. Only when it breaks above the right shoulder at 46-ish, can we be sure. There are way too many bears who are bent on crashing the party.

 

[dartmus]

ES won't go to 54.375 breakeven for jb until after lesser pained underwater bulls likely puke or possibly exit flat breakeven. Too many bulls in denial about their position cost, but still not hurting as bad as jb. These layers significantly limit upside potential.

edit...obviously there are some bulls in worse shape than jb.

 

[jimmiebarton]

It's far too early to tell. Only when it breaks above the right shoulder at 46-ish, can we be sure. There are way too many bears who are bent on crashing the party.

where going take out 50, then 60

 

[schizo]

where going take out 50, then 60

Not to sound like an A-hole, but anything can happen. I've stated way back on Sunday that this week will be a nightmare. I suggest you go back and review the steep drop made in August. I see lots of similarities. On that note, be sure to place the damn stop. You'll thank me later.

 

[jimmiebarton]

Not to sound like an A-hole, but anything can happen. I've stated way back on Sunday that this week will be a nightmare. I suggest you go back and review the steep drop made in August. I see lots of similarities. On that note, be sure to place the damn stop. You'll thank me later.

you don't sound like an a-hole.

wwhere going to ramp

 

[jimmiebarton]

where off the lows...who want be short here?

dratsum?

 

[schizo]

Made a comeback to my ever-glorious Spit & Shine splendor today with 21 points or $1,050. There were some hiccups along the way, including being stopped out, deviating from the plan and exiting early, and being equally dumb not not to have gotten out with a profit when I had the chance. However, who's complaining?

Today's Trade Stat

No. of Trades (Round-trip)*: 3
No. of Winners: 1
No. of Losers: 1
W/L Ratio: 1
Avg Gain: 27
Avg Loss: 6
Cumulative P/L: +21 Points

* Breakeven trades have been omitted

$300 Daily Challenge (1/04/16 - 1/29/16)
Winning Days (>= $300): 3
Losing Days (< $300): 1