My chart from today of the NQ... I am a still complete noob and will state that every single day until i am consistently profitable live for > few months. Why so much ego I don't get it? I am a student of Anek's. Entries/exits were pure PA. I saw a possible downtrend, shorted it. Reversed when I saw us shaping up. I use 10 k for trend determination and 60min and daily for bigger levels and 1 minute chart to help me spot stop runs for entry. I really got no clue how legit people deal with posting on ET. Applause to you Landis lol...
I was short at the open, and I'm still holding it. But I have stops. If they're hit, I'll be out, if not, basically any decline in the NDX would trigger a sell (of QID) for me. QID appears up slightly after-hours. Jobs tomorrow...you know?
Thanks. You are wise beyond your years my friend. You have touched upon one of the single most important aspects of TRADING and money management. The EGO. The problem with most of the posts in the TRADING FORUM is that they show absolutely ZERO basis in technical analysis, and therefore don't have much of a methodological leg to stand on from the get-go. In developing and sharing a methodology that is based in technical analysis, one can have a much greater opportunity at being a successful trader because there are quantitative "set-ups" and patterns that take place that can be identified due to price action/behavior. At the end of the day, we TRADE PRICE. We don't trade the Economy, we don't trade what the Treasury Secretary said, we don't trade earnings reports, or what the CPI was last week. We let PRICE confirm which way the trend is, and act accordingly. As traders, we get paid in PRICE. It's all about PRICE and being able to accurately define and identify the trend. How anyone thinks that they can do that on a consistently successful basis WITHOUT USING PRICE is absolutely beyond me! As for the people on this thread that are stubbornly short the QID and NDX . . . The bottom line is that the Nasdaq never made a new low like all of the other major indexes did in July. In fact, the Russell 2000 had a successful "re-test" of the March low back in early July. Of all the indexes that people have chosen to stick their head in the sand and short, this was the worst to choose from. But this is quite typical of people that really have no plan ( or stop losses ) when it comes to trading. Instead, they find an ETF that looks "cheap" or they miss-out on a rally and then find ways to "out-smart" it with their EGO trying to call some sort of a "top", using every news item in the book to RATIONALIZE why they are fighting the current trend. As traders, we simply seek to SELL or BUY and have no real use for the WHY because PRICE is omnipotent. - - - The WHY is where the Ego enters the game, and that becomes especially dangerous. Some people on this thread have yet to learn that distinction. They see crude oil in a tremendously strong uptrend, and because they are unable to play the LONG side, they rationalize that Crude is in some sort of a "bubble". For these people, the term "bubble" becomes synonymous with their inability to identify the trend and make money off it! Sure, there might be a "pull-back" that allows some of these shorts to finesse their way out of a losing trade, but wouldn't it be a lot easier if you were able to identify and confirm the trend via PRICE and not FIGHT THE TREND in the first place? Good Luck to All.
OK MODERATORS, BURY THIS THREAD. ITS OBVIOUS THE POSTER DOESNT KNOW $HIT AND HIS ASSININE PREDICTION FAILED TODAY.
Bought more at ^NDX 1915 which is around QID $40.65. Cost avg now is around $42.00 even. This entire rally is based on lower oil, thats it, lower oil prices is based on a slowing economy or what others wouldnt say a RECESSION. Im wondering where the oil bulls went, you know the ones predicting $150 and $200 a barrel, where are those fools. All of the sudden oil drops $30 bucks and many are now saying its going to $80-$100, I love the psychology of the market place. How can anyone think oil was going to $200, if anything oil is going to drop even further as this economy weakens even further.
I guess a stronger Dollar ( due to relative rates in Europe being left unchanged by the ECB and BoE ) doesn't even begin to factor into your thinking in regards to crude oil declining. You say it has to do with a slowing Economy, which doesn't surprise me because it fits "perfectly" with your bearish bias on US stocks. Good Luck with that.