YM Traders

10836 should never be broken now..

There is absolutely no noise in the market unlike other oddities would like to tell you.

Take another 30% profit @ +30 points, rest can ride.

10824

1:15


Reason why profits should be taken fast in indexes is because there is no long term trading in indexes.

ITs just trading

Which is why I dislike trading in it. I don't like to risk everyday.


End of trade


Pinbetal,
Thanks buddy :)
 
I out of my short position at 10924 for +17 on 2 scouts. I tried to change order to make more but couldn't slide it down fast enough in trade maven. Getting too old I reckon. My reflexes ain't fast enough like them young whippersnappers.
 
Well, congratulation to Coolweb 3 times:

1. Correct pre-Christmas prediction.
2. Nice short trading the stock.
3. Nice short call at 3 pm when just about everyone was going long.

I am long from the close....
 
Quote from mhashe:

Hate picking bottoms, but went long 10830 for MRC. So far MRC been good for 35 points on average if entry is made low enough.
More...


Be careful guys. In the spirit of the holiday season, MRC may take the night off.:)



Coolweb,

Nice calls today.
 
Pekelo,
Thanks but its just everyday trading for me these days.

Some people think I'm actually making up my trades hahahahaha, I am a loser sometimes but not that loser like :D


Some advice:

Never take home a trade unless you are in the money by at least +20 points in index, .5% up in stocks.

Taking home a trade without having a cushion is just rolling the dice unless you are an EOD trader.

Not to mention this kind of close = death tomorrow IMO. Death doesn't mean death immeidately in the morning, could be death during the afternoon,
but if you are in the money from earlier trades,
You should always set your stop to breakeven.

That way tomorrow, you don't even have to work, market just slides and never lets anyone short without wide stops.

Aka continuation day.


What may happen may also not happen,

Key to combat this it to be risking intraday and taking profits end of day. Risking EOD = not good risk management. Unless you trade EOD. Which you do not.
 
Hey regarding Blackguard:

The guy took a shot. He made his own decision and he had the balls to take action. All very commendable.

As I mentioned in my recent post. If you had looked at a chart with 15 min bars, and scanned left, you would have seen a consolidation on the 21st. What this means to me is that price is likely to do the same thing today UNLESS there is a real surge of volume one way or another.

As we looked at the action, you didnt see it. Specifically, the move that people commented on happened too early to be a late day reversal (again, they usually happen in the last hour). Also if you look at candles, you can see the shape of the real body and the tails and you see no evidence of buying comming in to buoy the market up. As time went on, what should have become apparent was that the market ran out of gas here. This is becoming a pattern in the indexes. Volatility is concentrated on the open and early part of the day, and decreases through the rest of the day.

That is why (again) it is so important to learn to call the open.

Attached is another chart for those who want to play with the concepts

Good luck,
Steve
 

Attachments

<b> You can always re-enter in futures trading.
</b>

<b>
MONEY ADVICE:
</b>

Note about these last hours:

In futures , players love to paint charts , in fact many setups look like great long setups

when in fact its all bullshit

You need to know when its time to go long or when its just bullshit.

Why did so many people go long?

because the charts look great, Just chart trading will get you trading every setup

you need to put together ideas on the reason why market will do such and such and then put it together with chart trading

That will make you a lot of money.

The reason/idea must be firm.

If you notice you see Steve46 trades on "ideas" some bond 3:00 closing or whatever oddities he does :D

I also trade on ideas, although different ones

All profitable traders trade on <b>IDEAS</b>
and know exactly why those ideas happen, what makes it happen.

Seeing a white hammer floating in a mid range that just crossed 10 ma @ 3:45 in the afternoon even though it sure looks like a bullish signal, is not an idea.
 
Quote from steve46:

Also if you look at candles, you can see the shape of the real body and the tails and you see no evidence of buying comming in to buoy the market up. As time went on, what should have become apparent was that the market ran out of gas here.
More...
Actually Steve the "ran out of gas" was obvious by the close friday. Narrow spread up bar on low volume that closed low. Means no gas to go up hill.
 
You must log in or register to reply here.
Back
Top