Best post on this thread and soooooooo true!
This Market Sucks!!!
- Thread starter retire45
- Start date
Best post on this thread and soooooooo true!
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 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"
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.
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.
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.