Considering the oversold condition not seen since March has now been worked off and we are barely off the recent low I would say that there are a lot of dip buying longs that could get stuck without too much of a move lower here. If we get it these dip buyers will barf it out and will push us below 1035 which is the level below which many will get bearish and previous dip buyers will start taking profits. The context is a an almost 300 pip move off the recent EUR low so not much to be impressed with as far as this bounce goes especially when you start looking at individual high beta names and indicies other than SP. Still a lot of technical damage done by this latest move down that has not been repaired by the last two days rally. I think the likely move is still back to the June highs before we make a new high.
I'm okay if other posters feel the need for name calling , insults , ridicule etc. But other posters need to be aware when someone uses the quote feature and completely fabricates it's entire contents such as the post by MandelbrotSet 11-05-09 05:53 PM
Fine, I'll ignore lurefo, but Index piker is running around hurling threats just because no one buys into his unproven and unsubstantied theory that passive trading vehicles outperform active trading techniques ... or somesuch nonsense. Until he starts showing some realtime (and personal) stats, he's just another guy walking around with a billboard saying "the sky is falling", as far as I'm concerned.
Hi, NoDoji Please check your PMs. *** For the sake of the thread, I told NoDoji (among other things) that: a) I don't trade Options, and I really can't comment on something which I am not actively involved with and knows the ins-and-outs of, and b) I don't Counter trend trade. I think it has a risk level which is at least twice as great as trading with the trend of the timeframe that you are trading on, and requires substantially greater time (sometimes by a factor of 10 or more) for the trade to "workout" and deliver a profit (if it does at all) ... *** BTW, you have a great thread NoDoji, and it looks like you're getting some really good advice from Bighog. Keep going in the same direction, and you should be very frutifull.
Yeah, yeah, yeah. I've heard it all before. Here, this song's for you Index piker: <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/q9W0tGIXBfA&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/q9W0tGIXBfA&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
Mandie, mandie, mandie... Your mediocrity as a trader has been revealed to everyone (you did it youself with your live calls) and I know you're angry because I keep reminding it while you're trying to appear for a great trader that gives trading advice. But really, you should focus on your trading instead, post less, get a life... stop coming back at me. I salute the perseverance, but, you're worse than herpes on a prostitute vagina. Probably a family thing since you seem to know a lot about the sex business. Now that I'm talking your trash language and that I got your attention, I'm gonna be a good sport and give you a trading advice. Your ES 10 53.75 entry posted in the ES Journal yesterday wasn't bad, it could have been a great trade actually... but you chickened out. Risking 4 to get less than 3 is not the way to do it as from your previous trades, you clearly don't have a good enough hit rate. Either take trades that have a better r/r (if you plan to have predefined targets like selling R1 in your example) or work on letting your winners increase. Because if you keep doing that, you'll have to refund your trading account again. Oh, also, please... refrain from putting smileys and Lols everywhere. Stop acting like a kid . You're embarassing yourself furthermore.
A trendline break is only the first step. The market could easily move sideways for awhile trading in a consolidation range and then move either lower, or higher.
I agree. I don't play TL breaks by the way but they give a good indication of the momentum. The short side still has potential as long the market doesn't get back and close above that TL, which is - suprise - at yesterday high, ie 64.