This journal used to have intraday trend followers like Apex and Mbusch who read the tape and went with it. Instead, this journal is filled with intraday bottom catchers and top callers who attempt to make a name for themselves. Gap down + mid-day consolidation = later day contination. One of the most reliable intraday principles in existence. This journal is not the same--that's why I post most of my stuff elsewhere. :-(
The above that you mentioned are acceptable trading styles and methods. Who care which style a trader adopts as long as they are successful? I think the community on this thread is great and each person adds something of value and a different way to look at things. I'm sure you can learn something that you might not have considered? I do and I'm a professional trader and fund manager. You can even learn something from a newbie. It often reminds me of my humble beginings and reminds me of what not to forget i.e. continue to use what got me here and learn from mistake as not to repeat them.
I thought that's what you were saying, but just couldn't get myself to believe my imagination. In essence we will be wiping the slate clean and starting over. Yes??
ES @ 899 has now erased ALL of Monday's gains. The Bear is back..........actually he never left the room.
I am sorry to say, but you are a grumpy old sod I always thought Apex was both a countertrend trader & a trend follower, same goes for Mbusch Just out of curiousity - why bother posting at all? You seem to have all the answers
I think the main difference is lack of live trade calls... Apex and MBusch and JSSPMK would post their trades often (JSS still does). I for one only use the journal to better understand price levels. These price levels that your perceive as trying to "top and bottom catch" are just areas where the market makes a decision... then moves to the next level. I just like to post levels from my nightly analysis...Its all can do to stay in tune with the market since I'm unable to trade until January because of school... but trust me I'll be back posting up live trades then. ... and I agree with JSS that MB and Apex often tried to catch a hi/lo for the day if it was within the longer term trend (not just intraday "tape-reading" trend following).
If there were no government intervention, last year we would have reached 1100-1200 level and bottom out there already. Each intervention applied lately delayed the effect and encourage riskier speculative behaviour across the board in stocks, futures, etc. That in turn requires lower price level to bottom out. So as long as we see more intervention, there will be no way to figure out where the low will be.