I am short from Monday afternoon at 1473.00 I did not post in real time unfortunately. I am staying short here. Yesterday's 60 and 240 chart told the whole story. Downward trend all day. Longs were not in vogue. It is still best in my view to only trade with the longer term trend even though a counter trend trade may look good. For example, look at the Sep Aussie Dollar future yesterday. You'll see how the larger charts indicated downward trend all day, yet there was a nice bullish divergence on the histogram with regard to the 10 minute chart. That divergence was to be avoided. It looked good, but it was not with the trend. Comments welcome. Good trading to all and wish me good fortune with my trade.
are you saying that you now believe the long-term trend to be down ? ...or that you are short as a counter-trend trade ?
That's a lot of pain to go through to get 2pts of profit Saxon22. We could go round-robin all day and never reach a satisfactory conclusion of whether it is the right-or-wrong thing to do. The fact of the matter is that with the increased volatility in the markets, it may be possible to achieve those 2pts with a classic trend-following methodology. Spectre2007 has written about the role that volatility plays in market trend and direction. Anekdoten is running a free thread on a classic trend following technique. *** There's so much free stuff around here, hell, you don't even have to participate to get something out of the process, it's just that when you do, you do. So whatever you choose to do, good luck with it man, but I gotta tell ya, you're putting on a clinic of what not to do if you want to be a professional trader ... ... and for the record, Porgie is spot-on with his comments, and Steve46 (regardless of the fact that we didn't see eye-to-eye for a minute there) left a goldmine on this thread before he split. Time to trade. Good trading all, Jimmy Jam
Yes this is correct. If you are going to go through this pain, you may as well also let the winner run when it finally becomes a winner instead of jumping out.
Juimmy my trade did not pan out because of a miscalculation and greed. I was down a lot. Thankfully the AH market was good to me tonight and I was able to break even. However, I must admit it was nerve wrecking and emotionally painfully. No system works 100% of the time and mine does not shine at all when the market drops 280 points. Thank you for pointing out further educational material. I will try to give them a further look. Now back to trading...
I beg to differ. Lightning doesn't strike twice in a row. I hope Saxon was wise enough to have bailed out when he had the chance.
lightning maybe, but anyone can quite easily misread p/a on numerous occasions and if you are averaging down for the sake of 2 point gain, then it is quite possible to happen again and again.
Speaking of trading ... Despite what price action is doing, the minor trend remains up, if anyone wants to buy this dip, I'd bet dollars to donuts you could get a quick 2pts (current price, 1440.50). JJ