Got stopped out with a loss at 1230.75. The market is digesting all these bad news pretty well and still holding up good. I can't decide what to do here, but I'm sure that I do not want to be short here. Today was a +1% buying day on all indices. I will lokk to enter long in any pullbacks now.
Hi doublea, Although didn't trade today, this rally caught me by surprise: I certainly didn't expect double digit gains on ES.
hi doublea does gary smith write anymore? once in a while he is quoted somewhere ( people sometimes confuse gary smith of the streetdotcom with gary smith the author of the book you mentioned , by the way )
I do not know anything about Gary Smith besides his one book. I remember somebody saying that he used to post here, but not sure if it is the Gary Smith from street.com.
Initiated a new long position at 1240.50. This is Dec contract. I have my initial stop at 1233.25 and exit at the EOD on the 5th day. I went through all my trades and realised that one of my problem was not having an exit, esp. when the position is going in my favour. So from now I will get out at the EOD on the 5th day, if I have a profit. I will get out on Tuesday 22nd, if I have a profit or I will exit if my stop is hit. I'm still long-term bearish but the market is telling her story best and she doesn't want to go down right now.
You are bound to recover your past losses with this trade... ...I can't see indices go other than up and up and up and.....
I really did not have many losses I did have more winners than loosers but my problem was over-leverage. My timing was perfect and I was in sync with the market. I could care less whether the market goes up or down, I have few patterns that I like to trade and based on those patterns I need to be long now.
didn't some newsletter writer say buy today and exit wednesday? that is a very strange way to trade as so many things can change so quickly inside of a single day not to mention a weekend and 7 days.
It's just that the patterns that I have found are good for 5 trading days that's why I did not count the weekends. Anyway, I got stopped out of the trade.