haha, I used the Spanish online translation, I know what you guys are talking about! here is my first spanish sentence. I am not sure if it is correct. If it's wrong, it's all the online translator's fault. hehe, He encontrado amigos foodie y mentores que son inteligentes y divertidos, sus nombres son ~ ~ ~ y Boli
Thank you ~~~! You all are food connoisseur mmmm All these restaurants sounds so yummy... makes me drool. It's definitely more than day trading in this thread!!! --po
It was that kind of day, at least for us short term traders using the 5-min chart. You needed to have an "all-day hold" mentality for a long trade to work comfortably. I, too, hit the open feeling bullish, but deep in pre-market, crude oil had made an 84-tick move to the upside, put in narrow range consolidation on low volume. Looked like I had time to grab breakfast before the NYMEX open, when I expected a decent move. Well, I returned to see it broke out already and within 2 minutes of the NYMEX open had made a full measured move up. So there I was at market open, feeling bullish, but the next breakout was shallow, and after as many pushes up as CL had overnight and into the open, this was a sign to watch for a reversal signal. So I shorted the first lower high and was stopped out b/e after a move in my favor. Re-entered quickly off the next lower high, and this one actually looked like it would reach my target, but found support again and out b/e again. Right back in off another lower high, moved my way and right back to b/e. Then I took a nap, and came back to price in no man's land. That was my entire day, 3 b/e stop outs after being shown $420. By the time the pre-market moves were over, it was all scalping price action after that. Looks like the stock index futures weren't a whole lot different. Either you took the early pullback long and let it ride all day with a bullish bias, or you tried to scalp back and forth and the only way to do that well was to fade each move rather than wait for confirmation.
Hi All, Me too, this is my first attempt to write in Spanish: {Hope Google Translate got it right ) He encontrado amigos foodie, mentores y compañeros que son inteligentes y divertidos, sus nombres son Matcha, ~ ~ ~ y Bolimomo Have a great evening and great trading to ya'll!!! Intel has a good earning report. ES is now up about 9 points. --po
Thanks PO. You and Matcha are buttering me up! I am not a pro. ~~~ is a pro. I am just a small potato making a living trading stocks. I don't work on Wall Street. No suit/tie. No cold calls. No desk or inbox. No commute (yay!)
Hi NoDoji, Excellent observation and trade strategies to handle those huge pre-market moves. Thank you. --po
Grasshopper: Did you keep monitoring $TRIN today? Early on it was as low as 0.2!!!! Then 0.3... Then went to 0.5 or so. Remember what I said: a day like this: NO SHORT TRADE A good approach would be waiting for the market to pull back. On the lower time-frame (e.g. 100 tick or so)... when it looks "very bearish" with a fluid sell, get in and long. I saw it at about 10:15 am (PDT) or so? ES dropped 5-6 points from a second push (which has a high chance to fail). 5-6 points should be a good place to fade to go long. I would imagine Dow probably dropped 40-50 points or so at that time. Your Trade A looked right (in direction). I think you probably should tighten up the stop when it started accelerating upwards. Usually: Acceleration means "the end is near" near trend end.
Hi Boli, Butter!! And Potato!! Talking about food.. Small potato or not, that's what I am aspiring to be. I'm longing to become a CP trader. No suit/tie, no boss, my office is just a few steps away from my bedroom and I can even wear my PJ to trade if I want to. Will work hard to achieve my dream goal, 9,000 more hours to go. --po
Per Se... The French Laundry... hmmm... Need to wait until you get those $500 days. TFL: waiting list is probably 3 months long? Maybe it is not too bad in this bad economy. I would settle with some Abalone and Shark Fin soup at Koi Palace, Daly City any time! Or Sun Tung Lok in HK.
Hey Boli, You made me hungry now. Hi Matcha, This is the best trading tip of the day from Boli, remember next time before you pull the trigger, visualize those Abalone and Shark Fin soup. It's either that or Campbell Soup! --po