Still haven't reached my 1369 target area for shorting is why we haven't stopped rallying. It doesn't feel like the bears have fully capitulated yet in this rally anyway. Plus, it's triple expiration so the market won't be allowed to drop much this week even late week. Still a huge amount of people betting on volatility and a fall in the market in options so it's in the interest of big firms to put a bottom under the market for now.
I was whipsawed so dizzy that I couldn't remember I was trading this morning. wish I had stayed in bed.
http://traderkingdom.com/trading-to...g-price-action-to-determine-trading-sequences If you knew the simple price-action measurement rules from 9:35am eastern this morning, you would have known it was high-odds to reverse upwards off premeasured price support zones. Very simple, very objective, very effective price filtration tactic. No reason in the world for anyone to be "faked out" today... once they know the roadmap rules
Seriously, how do you guys trade? (the ones who complained about getting faked out today). Do you constantly survey each price(price/volume) bar to see whether sentiment is continuing or shifting? Or do you see a trend and expect that it will continue and look to short/get long on retraces? Or something else altogether? I don't understand how experienced traders got faked out today. The ONLY time I encountered mixed signals was after 3pm. Other that that, both the big down and big up moves provided several great entries with great follow through.
I used to do things you wrote in the first para. No more. what was your yearly pnl for 2008, 9, 10 , 11 and to date 12? How many years hv you been trading? Because only a pro would write such things as you saying. My yearly PL was -50k, -20k, -10k, -2k year to date for last 4yrs. Most of my losses this year and last came from ES. So, chances are I would get faked out on such moves. Actually I was long at the beginning but my stop got hit. And then on a retrace I shorted after it seemed Ben couldn't offer any clarity or any new things. Got smoked again. If you are profitable and if you write down your PL numbers for authenticity, I would be happy to learn a few things from you.