ha ha, I can't even find a chart that goes back to 1929 lol. Currently, we are using levels from about 6 or 7 years ago on the indexes - plenty of blue chip stocks must go back much, much further. Either way, the [primary] trend, being our friend, is still down - as such, expect supports to break......same as resistances break in an uptrend. Oh, and good luck lol. Steve
Just my .02................. Anyone holding any position over the weekend is playing with fire. A lock limit gap (up OR down) should be expected in this environment IMO. Global (G20) summit this weekend - why on earth chance it? Steve
i agree, a reasonable person should limit overnight exposure especially over the weekend. but with risk come the opportunities. many stop got hit on friday, so we could get a rebound and people who sold would miss the boat. but actually looks like longs like myself gonna take some beating monday AM because yen has strengthened over the weekend. and stronger yen = weaker us market if i understood nitro correctly.
Guys, I'm new to the forum and trading as well. Where can I find the RTF blog? What would you recomend to read to get insides and understand better the markets? Thnx
If you mean "RFT", most of his wit, wisdom and trading info can be found in this important forum: http://www.elitetrader.com/vb/forumdisplay.php?s=&forumid=54
http://financialtraders.blogspot.com/ there are two things you need to know about RTF: 1. he knows what he is talking about when it comes to market 2. he is not liked on ET by many 1 and 2 are not related
Thanks for quick reply, but the link took a chit chat forum where Nascar race, etc. is discussed. I'm looking for market insides, analysis, would like to learn from the professionals. No idea who or what is "RFT", but somebody quoted on it in a nice discussion about the potential market bottom Any suggestion? Thnx
No, RFT is like Robin Hood--- RFT helps his blog readers take money from the rich and give to the poor. The market is probably the only and easy place to take money from the rich who did not earn it with their intelligence/sweat/etc. (I would also add the mix of rich the arrogant who have no substance for their arrogance. But I respect the arrogant and proud who are right).
I understood perfectly - no matter what the market does, some part of your "prediction" will prove accurate. That makes it faith-based rather than logic-based, which makes it completely useless for anything but giving you a chance to publicly pat yourself on the back. Which in turn explains why you are peddling your blog instead of basking in the riches created by your trading results. Hope that clears things up. Cheers.
Good advice to the folks Piezoe. I would also add: 1. People may not know the uplevels at which they should sell, 2. They may not have the patience to wait, particularly when exposed to wall street news machine which will show so much good news and rationalization on an upmove that average joe gets sucked in on the upleg at or near the end of it. I am sure you know the game played. They know what to tell the general public during markups, distribution, markdowns, and accumulation phases. There will always be free fuel for this machine as long as there are markets.