Yeah-but....Yeah-but I don't want to be an investor!! :eek: Andy, you're wasting your time calling datek. If the trade occurred at any time early in the day, then you've become an investor like me, an unintentional one. OK, so I am willing to take some loss on this, after all my lesson about not checking/trusting my chart will remain burned into my brain better if it costs me something. D'ya think we could see 32 even by close on Monday? Maybe? Help be sleep better tonight.
One minute bar at 9:42 has a high of 32.78. I can't understand why anyone would want t be long UNDER 33.00, which was very signifigant support, and is now very signifigant resistance. These puppy's have to close above 33 in order to get anything going on the upside.
D'ya_think, The question has already been answered. If you want to call yourself a trader, cut your losses, swear to yourself that you will never be this stupid again, and learn from your mistake. Otherwise you are an investor and probably will never become a trader. I don't mean to rub salt in the wound, but this is the cold hard reality of trading. Learn the discipline or continue to fail. Assuming that you still decided that you want to be an investor, the next support is at 27.42. Since we are in a DOWNtrend, there is a good possibility that if you don't get a bounce right away that you might be holding this puppy for while. Just out of curiousity, if it continues on a downtrend, where is your pain threshold? Good Luck, Mike
Hate to be the prick here but we did break some big support and by the looks of the futures late friday going into the close, well...... Unless we get a good bounce on Mon. morn and gap back above that $33.18 support it could be ugly. Unfortunately I don't see the catalyst for a big bounce. I'm looking for a retest of the Sept. 16 low of around $27.19. Good luck with your investment, I hope it goes your way, but as a trader I'm skeptical right now.
You folks are not being real encouraging here. I know , that's my therapist's job not yours. But you don't even pretend to feel my pain. Now I will NOT sleep good tonight for sure.
D'ya_think, I have a good friend who is overweight. Over the years he has dieted and lost weight and eventually gained it back. Every time he starts on a diet, he says something like "I've lost 40 lbs. How do I look?" I always say something negative like "You have another 40 to go" or "It doesn't look like you've lost anything yet." The reason that I do this is because as soon as peolple start telling him how great he looks (which he doesn't) or compliment him on doing such a great job - he goes back to his old habbits. When I tell him that I can't see any change, he tries harder. As soon as he gets comforted (pleasure), he looses sight of his goal. Tell him he still looks terrible (pain), and he tries harder. I'm sorry, but you're not getting any sympathy here. Mike
Buying stocks when there is blood in the street is a form of art that very few can master. I am one of those guys who like to go to sleep flat and trade without any opinion. My discipline is of a short-term trader even when it comes to a longer time horizon and in all honesty, I don't make a good investor. (I even sold my entire IGEN investment position for a very small profit). On 9/23/01, I was in Chicago with my wife and son. I had to do some training at the RealTick facility prior to the launch of the Oz Scanner. Anyhow, I was watching CNBC early in the morning and watched the capitulation taking place pre-market. The Dow futures were down 580 points. From reading the up down numbers on the Dow futures, I saw support coming in. By the time the market opened they were only down 400 or so. It was 9:32 EST. I called my broker and said buy 10,000 QQQ at market. I was waiting for the confirmation, but before I even got to hear the number, I said buy another 10,000 QQQ at the market. I was watching the Index numbers on TV and saw a squeeze taking place. I was filled on both orders by 9:36 or so at an average of 27.70. Once I had my confirmations, I asked the broker what the low of the day was. He said it was 27.20, so i told him to put a stop market at 27.05. I then jumped in the shower. later, I left the hotel and went to my meetings. While in the Taxi, QQQ raced up north of 29. Before I left the hotel, I saw QQQ trading at 27.65. I remember telling my wife. Honey this is it. This is the bottom, and if we don't get stopped out, I am not selling it! Well, I wish it was so. When I got the quote for the high of the day from my broker, I told him to place a stop at 27.99. QQQ was at 28.70 or so. I was up $20,000. There was no way I was gonna let that turn into a loss. I figured if I get stopped out, I will make at least $5,000. And QQQ traded down, stop triggered, and I made $5,000. I was never able to buy it in size after that. I watched that rally and shook my head. This was the first time that I caught a bottom in the market and didn't get much out of it. Otherwise, I've been very fortunate to make serious money on extreme market conditions and reversals. I'm flat right now, but NDX at 1100 again, and I might be interested Good Trading Tony Oz
Tony, During capitulation, if I buy, I put my stops below the major support and leave it there for a couple days, unless I see something that invalidates my original capitulation hypothesis.
OK so I took my lumps and got out of the Q's at about 3:55 this afternoon for 31.00. Once again I'm a trader albeit a poorer one. I will have my day with this puppy yet and regain all my loss and then some. Call it punitive awards for beating my ass so bad thus far into the game. I took the first round. The Q took round two. Round three has yet to be played. I think I'll watch awhile while I gain a little perspective. Maybe wait for that $27 I keep hearing about. Awwh face it, I won't be able to resist shorting this puppy now, probably tomorrow morning. I will try to resist. The Q is quite an interesting game that deserves more attention.