I will state the method, and give the reasons of the naming later. This applies to indices (not stocks), and price actions such as what NDX did today at the close: 1. If index (NDX) closes at high of day trading range, and close to a flat or decreasing daily bollinger band, short the index. 2. Cover sometime tomorrow on the assumption that the next bar (tomorrow) will have its low shadowed by the body of todays bar. What do you think are the chances of this simple trading system to show profits tomorrow? I shorted NDX (via some vehicles) when it was at 2032 at today's close, based on the reasoning above. How much do you think I will lose or gain tomorrow, and what are my chances? The name came because of some ET members led by (HolyGrail) who think selling the top of a day is always a bad proposition, and that one should always buy at the close when the day high is at the close. My view is that it is not true with an index closing near a bollinger band when the latter is is flat or decreasing recently.
Again, another misquote. I just said you always seem to short the high of the day. Your timing is absolutely miraculous, even though your predictions suck.
Yeah, so where did I say it was bad method? I was just commenting how you ALWAYS find a way to miraculously short all tops. It looks suspicious to me. Now you are making a bigger fool of yourself. I would quit while you're behind.
HolyGrail: Why are you on the defensive here? I am just posting what I think is a legitimate trading set up. PS: I did not mention the other statements you made earlier on Rennick Out's thread. If you insist, I can quote you here.
Are you blind. Where oh where did I say anything about it being bad to sell the high of the day? Find it. It is not in what you linked to in this thread.
Now I did say a trader who trades his predictions instead of what the market is actually doing provides liquidity to those that follow what the market is doing. I don't believe I am wrong on that one.
Your thread is idiotic. Holy Grail's thread is one of the best things going around here and something desperately needed by the nOObs, even though they are too clueless to realize it. What was the point of the thread again? Oh, there wasn't one. :eek:
It is a trade setup, and we would like to know the probs, losses, profits, etc. The trade setup happens frequently and rarely (no contradiction in using the last two words). The proof that it happens is that it happened today So what you opinion on the trade setup? If you do not say anything, then I will take it that you will be LONG (the opposite of me).