His rationale for the trade HAS been outlined ad nauseam on this board. Go to this link....it explains it all: http://www.elitetrader.com/vb/showthread.php?s=&threadid=881&highlight=Pattern I think people have been trying to tell you this on this thread. I just thought I'd point you to a complete explanation as to WHY praetorian2 is in BVSN, and after seeing his post on Friday, and looking at the charts, I too took a couple thousand shares..... ==PA
pace advantage, add shortnfool, mistermark and tradeRX to your ignore list and enjoy an improved elitetrader.com [top right handside of the page where it says Your Account] http://www.elitetrader.com/vb/
p2 Curious.. How long did it take you to develop that instinct? I know exactly what you mean, although the venue that I am familiar with is not trading (unfortunately). Did you start off with this, or were you clueless at first but developed over time? Thanks Kevin
pace, noone including praetorian has mentioned any specific criteria for being in this bvsn trade. In fact praetorian says he using "gut feel", now you tell me something different...this is a "great new pattern trade" that presupposes other criteria. Make up your minds! There are too many here that don't communicate well. Your thinking is fuzzy and your sentences are nonsensical. At the very least, make sure your sentences have meaning. Maybe then we can quickly proceed along a line(?) of thought. And another thing, many of you tolerate and even seem to accept with glee IRRATIONAL methods and notions. Why is this? The irrational is something we may have to live with from time to time, but we should NEVER NEVER be satisfied with this, and w/o a doubt we should NEVER accept it gleefully. Praetorian, you should try to quantify your "gut feelings" and extract some understanding from what it is you are doing. The more clearly defined your objectives, the better equiped you will be to trade effectively. You should know this (a college student?).
WOW, you're right. Thank you Mr. ShortNFOOL for showing me the way and the light. What a gosh darn idiot I was there for a second, until you came along and pulled me out of the drink. In any event, I'll be sure to brush up on my writing style so you will have an easier time understanding me. How was that? Was that nonsensical as well?? Praise ShortnFOOL, the gatekeeper of all that is trading knowledge. In all seriousness Mr. Fool, what is so difficult to comprehend? Did you read the Great New Pattern thread? Did the action in BVSN on Friday not represent a great new pattern-type of trade? It sure seemed like a capitulation type of move to me....of course the S&P delisting was the major impetus behind the move. But, nonetheless, it certainly fit the GNP theory. Perhaps you can tell us WHY the GNP theory is flawed, and HOW the action in BVSN on Friday night did NOT conform to the GNP?? ==PA
pace, your sarcastic reply was uncalled for. Tharp's post is what I had in mind. Half his sentences don't make sense. Tharp, clean it up, OK? pace, I'm reading the GNP thread now. i'll let you know what i think. Get back at ya shortly.
ShortNFool, Sorry if I misinterpreted your reply as an attack on my writing style. I will admit that my first reply to you was a bit on the inconprehensible side, which is probably why I took your reply to rtharp as being meant for me. In any event, how about we put away the horns for a while and actually discuss the merits of the GNP method and how or how not BVSN applies?? I think that would be most worthwhile. Then come tomorrow and the days that follow, we can see how it actually plays out on the battlefield that is the markets..... ==PA
To keep it simple.... BVSN IS a GNP pattern. Not perfect, but pretty good. I have a very strong feeling on it working out b/c I've seen a few hundred trades like this, and have profited enormously from them. I recommend that you read my 2 extensive threads. I'd like to thank everyone who has tried to defend my position on this trade. Lets hope we bank tomorrow.
To finish this thread out, i took more on the first shake, and have now exited it all for about a 3k loss on the entire venture. That's how trades are supposed to work though. I risked about 3-4k (3k in the end) and my reward would have been 30c or so on 70k shares I finally took. ---------------------- I would definately take this trade again if it appeared. I hope you all can get out flat.