traderblues
195 posts
msg #45205
- Ignore traderblues |
6/23/2006 1:05:21 PM
I can't see where you can say the market is turning the corner. It's flagging, forming a symmetrical triangle. More often than not, this type of pattern will break in the direction of the current trend, which is down.
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nikoschopen
2,824 posts
msg #45206
- Ignore nikoschopen |
6/23/2006 1:24:17 PM
I can only speak from a day trader's perspective. The above reference applies to a very brief horizon in the foreseeable future, that is, immediate future. As for the longer term horizon, I'll grant you the last word.
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nikoschopen
2,824 posts
msg #45207
- Ignore nikoschopen |
6/23/2006 1:33:46 PM
This may sound like a wholesale bragging, but in less than 20-minutes, I made over 7 points. It stands to reason that you can score considerable gains by taking advantage of temporary rallies even in a bear market.
BTW, the charging bulls may return yet again for another rally.
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traderblues
195 posts
msg #45208
- Ignore traderblues |
6/23/2006 1:52:19 PM
OK, gotcha. Congrats on the quick profit. I can't sit and watch the market all day, so I need to stick to swing trading for now.
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nikoschopen
2,824 posts
msg #45210
- Ignore nikoschopen |
6/23/2006 4:31:58 PM
The recent reversal of fortune in the E-Mini makes it abundantly clear that one should stay clear from predispositions. Market has no opinions of its own, nor does it give a damn about ures. Nevertheless, the futility of one's effort to impose one's rigid views on the market is even more striking in the face of a mounting evidence that the tide has turned, which strikes home the importance of using stops.
One of the strongest rules that I need not emphasize is the importance of placing a stop loss as you enter ure trade. You can weather a string of losses as long as they're small and still come out on top with one large winner. Equally important is the need to stay out of the market when ure in doubt because, as they say, money not lost is actually money saved.
_________________
On a side note, it's hard not to notice a recurring pattern of symmetry in this market that is so glaringly obvious to the trained eyes. For info on "symmetry", see my post above (http://www.stockfetcher.com/stockdb/fetcher?p=forum&fid=1001&tid=44956&mid=45118&sb=view&start=10#45118)
I've uploaded the illustration of such patterns of symmetry on the 10-min chart of the Spooz for those whom a picture is worth a thousand words: http://tinyurl.com/fp7x2
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nikoschopen
2,824 posts
msg #45532
- Ignore nikoschopen |
7/7/2006 3:23:00 PM
Indeed it's a sweet day to bask in for us perma-bears. The S&P eMini has bounced around the EMA(50) all week long and has finally succumbed to the weight of the bears. I view anything below the EMA(50) as bearish and vice versa. Next week will surely be an interesting week.
BTW, if you haven't covered ure short already I strongly encourage you to reconsider ure obstinate views. LOL
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bruce9432
11 posts
msg #45619
- Ignore bruce9432 |
7/10/2006 12:53:55 PM
I trade the S&P emini using Jeremial Zimmerman's AMMO methodology and am green
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nikoschopen
2,824 posts
msg #45620
- Ignore nikoschopen |
7/10/2006 1:18:19 PM
I'm afraid I don't know the author in question. Do you mind sharing ure knowledge of so-called "AMMO methodology"?
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nikoschopen
2,824 posts
msg #45621
- Ignore nikoschopen |
7/10/2006 2:39:02 PM
It seems to me that not many of you are actively trading futures in general and the S&P eMini in particular. Hence it bothers me to chronicle my frivolous daytrading habits diving in and out of this trading vehicle. After all, why bother when it makes no difference to anyone. But I decided to chronicle my afternoon trades because, in part, I want to hold myself accountable and to entertain those who have shown interest in daytrading. I have this urge to echo what Alfie is so fond of saying: "FWIW".
Just give me a shoutout if this pesters you so much that you wish this thread killed. Whatever. LOL
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nikoschopen
2,824 posts
msg #45622
- Ignore nikoschopen |
7/10/2006 2:40:43 PM
If you haven't already noticed, I have a short position on the ES at the moment @ 1274.75
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