You wanted to go short at 9.63 with DS support at 9.6 and repeated demonstrations of that support this morning with bounces off 9.59-9.62?? Even ignoring the basics of support/resistance, that doesn't even look like a good MM setup.
Sometimes it's hard to know what time it is at your location based on the time show on your post here. I'm an active MM trader and I looked at your call here. Can you post which Murrey rule you based this on? My reason for asking is only one of the 4 timeframes I use on MM charts came close to the short your put on. the 4,8,16,32 TF's were all longs to me on the -1/8 line after a 6/8 drop. Doubled bottomed on this line. The 2 min bounced several times in the -2/8 area which if my memory serves correctly Murrey says to generally wait until the frame shift or reference a higher time frame and let them be the guide which in this case would only be longs. Not meant as questioning your judgement, but if this thread is genuiely mean for newbies they need to understand the logic behind the choice to short the 9.63 area. Thanks in advance. Bsulli
thank you for pointing out the trades in AZO and IBM. i applied my TA knowledge and saw that murreymath's calls were obvious fades. shorted AZO and went long IBM-- nice intraday favorable moves thus far. best, surfer
Went back and look at my comments from earlier. For intraday my points above I stand by and supports Surfers decision to fade Oddiduro AYE post makes since for scalping. MM for shorter timeframe had long signals for a period of time in question. Looking at the numbers Oddiduro posted they are for daily MM. Shorting the 8/8th and placing the stop at the 1/8th line. For swing trading I wouldn't disagree with that as well. I believe you have stated in the past that you mostily swing trade. I do believe however Oddiduro there is some additional info that needs to be supplied explaining the problem on the option call. One must admit that leaving this as is would put egg on anyone's face whose attempting to offer education to others. Can you clear this up for the newbies please since you started this thread for them. Thanks in advance Bsulli
Hope you didn't stay long on IBM all day, it did reverse and close lower today. You would be looking at a loss right now. Oddi will be looking to go short again tommorrow.
If this were an actual trade, the loss of 32 dollars would be valid. Oddi has a 3000 account. Buying 100 shares of AZO would be beyond his margin capability. The deep in the money option with no time value was chosen precisely because of it's illiquid nature. Plenty of time to react. If AZO rises to the target of 72.66, then intrisic value of the option will rise, volume or no volume, the ask and bid will rise. If this kind of trade is put on again, then I will make the actual trade, so that volume will be reflected. On the 12 minute chart, IBM is a buy until 13:30, and then it did reverse and fall lower on the day. But this is not a day trading journal. The only day trading comment I made was that MSFT would be a good fade, and it was.
i am still holding IBM long. i am down a few cents, the AZO short was sweet making up more than 10 times the IBM drawdown. thank you again. surfer
Since this is a fictional thread if you would please state when you are or are not actually taking the trade. Some of your posts can leave one with the feeling that you are taking the physical trade which lead to the earlier posts by others as well as myself. Personally I could careless if you are paper trading or taking real trades, doesn't affect me one way our the other. Your desire for newbies to understand mandates being clear on the rules being applied to each trade as you post them. Historically most our your past posts generally only include the entry,exit and stop prices which is fine, but some additional info will keep newbie from misapplying the rules for the time frame in question. This isn't meant to be negative and hopefully it's not taken that way. Have a great day. Bsulli