This Market Sucks!!!

Quote from day7793:

I see lots of angry posts.

Most of the posters where short as if there is no tomorrow and the Titanic was about to sink. When the last 1/2 came and that nasty nasty buy program hit, they stampeded on each other and got killed.

There are lots of Jim Beams and Johnny Walker red labels opening right now sitting on the dirty linoleum floor..

Best post on this thread and soooooooo true!
 
Quote from davidmaria1:

If I may ask, please how long have you been using P&F charts?

Off and on for about a year. Exclusively for the last 4 months, and the rest of my life.
 
I got completely screwed today, was up and fairly happy, then ended up losing 5k! Needless to say, the last half hour was a bit of a shocker. In the end, I survived, and Monday is another day, another opportunity, and I'll make my losses back next week.
 
Quote from newguy05:

damn should had cnbc on and not my mp3 player today lol. It was so slow didnt think anything would happen

I still don't get why you need CNBC on.

The only reason you need it to be on is to justify why you should be in or out of your position? If anyone traded purely by rules, they would have gotten out of their shorts when it refused to stay below the 1330.

When it started climbing up, any shorts should have covered regardless of the news.

Price action is all you need, IMHO. Everything else is used to give you hope or justify why you need to hold on to a losing or winning position which isn't the way to trade.
 
Pol - I absolutly agree.

I don't need CNBC to tell me something major is happening. Price simply consolidated on a 144 tick chart between 3:15 to 3:23. It then broke out long. Once it took out the previous short term pivot at 1331, and pushed up hard, It was very likely that the price would continue up.

And even if it didn't, that price action alone is enough to start closing down shorts, even if I wouldn't go long. Since the market never looked back, by 3:31, I was going long. Glad I did, worked out very well.

Didn't make the whole move, but it was a nice long play.

CNBC was not needed to know this.

Much more important than CNBC was the ability to notice a trend change, and then the unbiased flexability to simply make "friends with the new trend"
 
I never watch the news during trading hours. Nor do I read ET, I am too easily biased. My indicators gave me a buy ym at 12,186 and it is all I needed.
 
Also...to add some more food for thought...


lets say this announcement was made, but rather than break up...the market broke down further.

Yes, I know some believe that is illogical, and maybe it is...but group psychology often is...and the liquid, capital markets are all ruled more by the psychology of the masses than cold hard logic.

So, then some would be saying "I was watching CNBC, and all this good news came out... but the market still dumped, it's so unfair!" etc...etc...

However, for those who are simply watching price action, be it a chart or a ticker... the news would not have mattered one bit. All that would have mattered was a change in short term direction from short to long.

Price guys. as usual. price.
 
Quote from Cocaine:

Its very humorous how you attach your own ego to the markets direction. When its up, you feel all high and mighty, when its down you try and keep yourself together by convincing yourself its ok.
I dont know why you do it, but personally I am in this game to make big bucks everyday. Sometimes I go long and others I go short. Its all about the $$$, not about choosing sides.


Lets hear you boast. How much BIG BUCKS do you make ? Give us an idea what did you make today? Since you mentioned I have a reason to just ask you that.
 
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