With all due respect, you appear to be quite EW/Fib tech, there was no way to predict that the double and triple bottom on a 10 min ES chart were going to capitulate and collapse into oblivion. I was online with my friend whom has been trading 20 years and he was surprised to see that bloodbath at the end. I understand it was related to subslime mortgages.
Hi dandxg, I'm not a TA guy, but Landis deserves alot of credit. His TA numbers have been incredibly accurate during the last few weeks. He PM'ed me within 2 points of the exact top and wrote this... "Ballgame is over till perhaps a bounce around the 10 week MA at 1450, but ultimately we should trade down into the 1400 area of March 2006." Awesome call.
Hardly a surprise. ES stopped EXACTLY on the highs from Friday's pre-open. Huge area. I scaled short into the mid 90's and still have a few (including some puts that I bought when ES was 1548). Jeez, todays break was no bigger than yesterdays rally. Big action brings equal reaction. Trading 101.
guys,i make my money between pre-mkt and 10:00 am;i don't need to use stops as my money is made early. my whole point was that intr day trading in this market is tough thats why its imperative to grab the quick money and call it a day. at least that strategy is working for me.
I agree totally, but I will bet that if he is getting whipsawed he is using 1 point stops or less. A one point stop in this market will get hit in seconds.
i NEVER siad I was gettingh whipsawed,i just said there is alot of whipsaw action so making quick money early and taking the rest of the day off is probably a good idea for most.
I guess I misunderstood. The title of the thread was "another viscious whipsaw" and you said you could not trade in this kind of environment. Oh well. Hope things work out for you.