Starting to trail this but not very aggressively. Getting worried - reading ET threads starting to see many getting short - that is a sure sign of another blast up lol.
Out 82 for +5.75. Had to get out i see too many short and time stop on this one. May live to regret this but had to do it.
Lol is this going to be another elite trader curse. I will wait till the ones who are short start getting stopped out before re-entering short again. How is that for games for ya
Ouch egg on my face right there. Maybe not, still wanna see this get close to 87 again or new highs to short into.
You know what would be great is market gunning for the 1400 number today. Markets are always attracted to big round numbers like that. Seems unlikely but you never know. The longer this stays up the more bullish i am getting. Is it out the realm of possibility for us to rally another 11points from HOD?? Very confused right now, don't know if this is a trap. Value for the day has definitely dragged higher now. Basically will try to follow price the best i can, trying to ignore my bias now. Would not let me post another for 60 secs solong 83.50
I must admit that last long at 83.50 was a complete impulse play and you know what that means! Monster target on this one.
When we have a nice trend day up and it can't break even 10points from HOD and starts consolidating near the highs then often mean rally will continue in the evening. However, i don't know if this will attempt to go for the HOD and roll over. May even put in an inverse H&S ppatern here. The only thing i can do i make a directional bet and keep my risk as small as possible.
I have had this discussion many times with many people. I am a trend follower but if i see a strong zone on longer term charts i will try at low risk entries to short a strong rally. WHY? Because i don't want to be stubborn one -dimensional trader. Their is money to be made both sides of this market. Obviously somebody is making a lot of $$$$ picking the turns and how do they do it? I just try to analyse why they choose certain points and try to follow based on price action. I feel in life as well as in trading - flexibility to different ideas is key to success imo. Many fail to realise that it is usually the weak hands who are trend-followers being the bag holders while the strong players have often already sold their positions to the weak hands. Again, i am a trend follower but i have flexible plays for going short on a strong trend day. Today, i could have taken 5 points of the high from 86 and then i took 5.75 points of the high at 88.75. Each one of these trades was done with 1.5 risk - so not bad R:R. Good trading to you Mandlebrot
I think you're doing great. If you get a chance post some charts, maybe after hours when you're not busy. Would be greatly appreciated!!!!