Anyone experienced the Oct 1987 crash?

Discussion in 'Trading' started by turkeyneck, Sep 15, 2008.

  1. I remember the '29 crash better though, I was in my late 20's then and life was good and then....not so good.
  2. where is bill rennick when one needs him? :D
  3. jasonjm


    so you are at least 104 years old?
  4. I was a floor trader trading stock-index futures . . . it was a one way train on that Monday.

    What was even more difficult to deal with was the incredible volatility, HUGE discounts to cash, and trading halts that occurred Tuesday, Wednesday, and Thursday of that week.

    Those 3 days were brutally exhausting, with huge spreads between the bid/ask; usually anywhere from 1 handle, to 2-3 handles.
  5. but I don't look a day over 98

  6. Cheese


    You can run yourself ragged on viewpoint trading, by viewpoint trading I mean being either bullish or bearish. ET threads have been, and will always be, full of the never ending story of bull v bear.

    But the markets go on. Price goes on - up and down, up and down. The upmoves and downmoves. When the melodrama is there and when it is not. And the money is there all the time. In the gyrations. You can access or ignore all that money, day in and day out.

    What you have to do is buy the upmoves and sell the downmoves sequentially. To do so, you must apply an accurate methodology, using liquid markets (eg ES,YM,CL). If I take CL the range for today (Monday Sep 15 2008) was 254. Very nice gyrations were there for you to use, sequentially, one after the other, open to close. Remember, buy the upmoves, sell the downmoves, sequentially.

    The sequence today (Sep 15) in the CL session's gyrations (up/down repeating 10.00 to 14.30) produced 13 macro 'legs' of minimum 45 points (ie cents). The mean average of those 13 'legs' was 120 points per 'leg'. Therefore between 10am and 2.30pm, thats some 1500 points which were on offer.

    You can make yourself rich.
  7. crude projects a "measured-move" down to $86.00, which incidentally is where the whole rally began back in the second week of February. chart below furnished by Mup of the EWT thread.

    First leg down was 35.25
    Subtract that from 121.30 counter-trend rally high and you get your objective:


    #10     Sep 15, 2008