Ideas for struggling traders

Why 2401? Why not 2400 or 2402?

 

7 x7 x7 x7 = 2401

As mentioned in my earlier post, Proflogic proposed that these numbers provide the best look at the data. He indicated that he used squares of 7 and of 9.

I did some research of my own and arrived at "square of 7" as the best display of data for my screen size and my temperment. The amount of data registering on the screen changes at a speed that suites my ability to scan...

I agree with you, any number around there should be fine. You just have to fine tune it to your needs.

Hope this explains it and helps you out.

Good luck

Steve

 

Very close to getting our 10 pt target

Took another scale out at 1273

See the attached chart

 

Usually we get 3 tests of a number and on the third test we see either failure or reversal

As time gets closer to 2pm EST, funds have to make adjustments to portfolios and they have ONE chance to do it....so here is where the rubber meets the road..

If it breaks down from here, it will get ugly, and I will get my 10 points (maybe a little more )

 

Here is what happened, as price reversed and move up to test the longer MA

 

Looks like you're right (Shit! I'm long the markets in my Client Portfolios ) Crude touching $3 higher today too.

Looks like you're going to make some $$$ today. Congrats on the short.

 

Thanks, actually as we speak the S&P is testing resistance at 1278+ so we could have a bottom in now

But there is still a lot of time left in RTH session

 

Notice how the volatility picks up here late in the session

If you have a bias, you are in trouble, because you are going to get whipsawed out of your trades.

I have seen this before. What works now is to react or stand aside. If you have the skills and a system that gives you accurate signals, trade what you see and be prepared to take small profit targets.

Newbies shouldn't be in now. Traders with some experience and the ability to execute could be scalping a couple here and there.

Notice how price continues to test the longer MA's and bounce off them

For the record, I got stopped out at breakeven on the balance of my position. The best I did was nine (9) points on this last trade.

 

What happened to the theory that the long Funds would begin unwinding for the weekend.

regards
f9

 

Well, I think they are unwinding some positions depending on what their customer base asks them to do.....

and from the customer's point of view, lightening up positions on a move up is just what you want to do. You get better prices. That means that the broker's customer (usually a weak hand) is just a little less pissed at having to take a loss (which is why they are getting out) after getting their asses whipped all week.

From the fund and hedge point of view, this is just how you do it.

Sell retail on your way out the door.

Thanks for the question

Steve