Did you not have a thread questioning those that counter trend when the 'pro trend' looked obvious?.... And here you are 'trading' counter trend...what gives? NiN p.s Ammo I wish you well....this price action does not look good...
I'm inclined to agree, but for short term only. All three futures are at the tops of their trading channels. Institutional selling is done for the year, so downside pressure won't be strong.
Counter trading is infinitely harder than trend trading and once I obtain the desired pullback that I think this area will provide I will reverse my position back with the trend. In the meantime, this is an area I just cannot pass to counter. Most traders cannot do both, I can. NH
No Heat You've taken 13 pts of heat. Counter trend trading is most certainly difficult, and any trader can average up. What were your thoughts on counter trading mid channel? I see us pulling back to 42ish. Do you see us pulling back much further than that? Thanks
I see us pulling back to 1229.00, but not necessarily over the holidays unless there's a news catalyst. Without a news catalyst there's simply no reason to sell off in a quiet market.
I counter trend by building positions, therefore, such heat is relative to the starting position size. Firmly believe price is trapped upstairs and there's little room to the upside left without a meaningful pullback first. Some basing will be required to move forward and gyrations should be created. Patience is a virtue in trading, don't judge the trade now, I just started building it, judge me when the trade is over, this is a swing based trade, not a daytrading scalp. My exits are dynamic, therefore, I cannot give you a precise exit point as I scale them out as price action develops. I know perfectly well I'm counter trading the trend and I have prepared myself very well for some hard battles before victory. There is also of course the possibility of the trade being a total loser, I'm also perfectly capable of cutting the losses short if what I suspect is not confirmed and we break out convincingly past the 1260 SPX area, but such confirmation has not occurred. Best of trading to you in 2011. NH
looking for a good bear number in the a.m,too many bulls out there to pass up,not me but the boys,i'm just a barnacle on their ship,if not , if i don't get the reduce ,i have to eat this one
looking strong again, so not really expecting to get filled on my 'pullback' order long so will likely be chasing it soon and jumping in long. will post when i do