Am I the only one that sees a correction?

Discussion in 'Technical Analysis' started by MONACO11, Jun 17, 2005.

  1. MONACO11


    First post, so be gentle.

    I have been trading for 7 years.
    I am primarily a scalper, and make 6 figures annually doing so.

    Either way, up or down is ok with me. I trade a few leap
    options on winners and sell them on losers. Neutral, basically.

    I understand that summer is slow and a downward bias
    would not be uncommon, however....

    My questions is this:

    Do you see what I see? Let me emphasize this.

    Most charts are over-extended. Most are (or will) fall under their own weight. And no volume in some cases.

    Tons of cash on the sidelines, given the (lack of participation).

    I am seriously considering going short the market starting Friday,
    (6/17/2005) thru end of November.

  2. hello ... thanks for posting here on ET

    without giving away any secrets ... could you
    describe your trading history ? have you ever
    traded from a small account ? have you ever
    traded from home or from a prop firm?

    good luck to you

    -I have been trading for 7 years. -
    -I am primarily a scalper, and make 6 figures annually doing so.-
  3. mhashe


    I think the market is going down too. So there :)
  4. MONACO11


    I started as a dog, like most.

    Computers changed my life.

    Like some, I started with Ameritrade and blew up several times.
    Thankfully, it was only several thousand(s) over the first 3 years.

    >>>-I have been trading for 7 years. -

    In 1991 I turned the age that I understood the value of money.
    (which is 30).

    I chose to self educate, and I think I did very well.

    >>>-I am primarily a scalper, and make 6 figures annually
    doing so.-

    After a well healed education of loss, I realized that I had two
    options. Continue going long on positions, and hold....

    ...or trade what I knew (my) history had taught me.

    I chose the ladder.

    I trade Primarily NAZ and Listed.

    Avg. shares 1000 per trade. Avg. cost/sh $20.
    Avg gain 4.1875%. Avg. Hold time: 40/min.

    Cost per trade under $3 (in)
    and always rebate out.

    Net trade cost Zero.

    Best I can do at this point.

  5. toby


    Let STOPS keep us from staying in too long in the event the market turned down.
  6. MONACO11



    If you do nothing else, to forsake my position here
    with my four posts... the right thing...

    Check the chart and tell me it's 6/18...

    Mark this post.

  7. Chagi


    I agree that a correction is most likely forthcoming, in fact I think that it has already begun. I think that some of the techs, such as NVDA and INTC have begun to roll over.
  8. =======

    Figured it would correct today;
    wuth 50 minutes to go -not much of a correction, [DIA,SPY,QQQQ
    scale in longs again, now.:cool:
  9. Why try to pick the top? My one weakness is trying to call tops and bottoms intraday. As long as I refrain from this practice I make money.
  10. if it comes it will have something to do with oil imho. watch oil if it makes a new high. i dont think the market will like it.
    #10     Jun 17, 2005