theory of 8

[mikeenday]

it's been down consecutive 8 days if you connect lower low.
and 90% chance it will be a reversal day as chart theory states.

buy is the song to sing for today.

 

[probe1957]

How is that working for you?

 

[mikeenday]

rule # 9:
always wait till 5 minutes before market ends to pull the trigger.

Quote from probe1957:

How is that working for you?

 

[spindr0]

If you ask 100 traders what the low print of this down move is going to be, I guarantee you that one of them will be the closest.

 

[probe1957]

Don't you kids worry. This thing will turn around. You see, Barry is focused on jobs now. Focused, I tell you.

 

[oldtime]

Quote from spindr0:

If you ask 100 traders what the low print of this down move is going to be, I guarantee you that one of them will be the closest.

and he will be the guy with the most credability when he calls the next top

 

[newwurldmn]

Quote from oldtime:

and he will be the guy with the most credability when he calls the next top

Often not just the next time, but for the rest of his life.

 

[spindr0]

Quote from oldtime:

and he will be the guy with the most credability when he calls the next top

Nahhh, he'll be the guy at the cocktail party telling the same story for the rest of his life - ignoring all of the losing calls he made. Kinda like the Elite in Elite Trader

As for the OP's prediction, FWIW, Tom DeMark has some technical indicators (as many others do) which suggest that after 8-10 consecutive days of being triggered, it's buy (or sell) time. The problem with them is that all it tells you is that you're closer to the top (or bottom) but in no way tells you you're there (ya know, those times the trend goes for 12 or 15 or more days - eg 2008), Probably good for dollar cost averagers, not traders.

 

[mikeenday]

You win and I lost. as you know that I bought as planned. and down 300 immediately now. all calls on QQQ and FAZ puts, VXX puts. with strike at Aug. 19.

you at least need to wait till tomorrow 3:55PM EST to see if i can break even.

Quote from spindr0:

Nahhh, he'll be the guy at the cocktail party telling the same story for the rest of his life - ignoring all of the losing calls he made. Kinda like the Elite in Elite Trader

As for the OP's prediction, FWIW, Tom DeMark has some technical indicators (as many others do) which suggest that after 8-10 consecutive days of being triggered, it's buy (or sell) time. The problem with them is that all it tells you is that you're closer to the top (or bottom) but in no way tells you you're there (ya know, those times the trend goes for 12 or 15 or more days - eg 2008), Probably good for dollar cost averagers, not traders.

 

[spindr0]

Quote from mikeenday:

You win and I lost. as you know that I bought as planned. and down 300 immediately now. all calls on QQQ and FAZ puts, VXX puts. with strike at Aug. 19.

you at least need to wait till tomorrow 3:55PM EST to see if i can break even.

Yup, I won today but not because of any silly predictions or having a clue whether the market would be up or down. I just went along for the ride. I'm a little subbie follower :eek: