We haven't had a day like this (big range with open high close low) since Nov, and that was amidst a 50 pt correction. And today was the highest volume day in quite some time. I follow Doug Kass a little, and he is currently flat and "waiting for the big short."
Another sub-par trading day. I was dead tired and certainly not at peak levels when my trading session started today. I would not have traded live in this condition, but since it was SIM I stayed awake and messed up instead Oh, the excuses... - 1,5 points for the day. Hey Volente, Thanks for the input, I appreciate it I missed your post about the IHS when you posted it in real time, but it was very obvious after you pointed it out. Nice call there. Do these patterns often play out successfully in your experience? I have considered dropping lunch hours completely since it is often choppy, but I would guess it is more correct for me to learn to discern chop from direction and then make a decision to stay out, since there are times where lunch hours will be tradeable. I will also like to become more confident in projecting levels in advance and use what happened earlier in the day to make a call and not let the chop influence me too much (unreliable signals). I still feel badly about missing the open, but that`s what I have to work with at the moment. As for your questions, I`m not sure if I have an answer. Part of it is that I`m afraid to miss a move, although experience tells me that I`m always too early (even though I`m often correct on the direction). This causes me to chase. My desire for profit also clouds my judgment. I remember reading somewhere that when a neophyte trader wants to execute a trade at a certain price level, he should instead look to execute his trade where he initially planned to place his stop for that trade Maybe there`s something to it. That just sounds all too familiar Cleaning my slate, staying focused and looking for new opportunities just after a loser or breakeven is a sticking point for me. Much because I trade late in the day I guess. An early loser is less intimidating since there are so many hours left of the trading session. Thanks.
But aren't you currently long? At any rate, I was alluding more to the ES/YM divergence than to the technicals. Some weird crap always happens just before a major reversal and what happened today doesn't look like a fluke. I'm interested in hearing what the pundits have to say about it.
sal,the fed or ppt or pomo has been propping this market for 2 years,they were using the dollar,aapl...,ibm is just another tool,its easier to manipulate the market by using one stock than buying billions worth in baskets or futures,buying ibm held up the dow so at the end of the day cnbc can say , on a 20 pont negative spx day they can say dow down 12
Yep Two words: Op Ex. Billions of dollars are on the line during op ex. The funds with the deepest pockets usually win.
Going long ES 68 full size with a point stop 64 as market stop. Currently trading at 74.25. If I get the direction correctly, will add to the position as it works my way. NAD