Awesome video once again... Thank you sooooooooooo very much. As for this forum, I like it because it's open, and newbies are free to post... I read so many comments, thousands a day, from all over the net, but nothing beats listening to Joe! As for trading, I'm being very careful. I know better than to trade aggressively when I have the jitters. There are so so so many calling a bottom for 08, the election, the Fed, Forex, gahhhhhhhh. Off Topic: I have a headache. A vog headache. Don't know what vog is? Lucky you don't live Hawaii. Volcanic Smog. Blows over Oahu when we get the right combination of Kona winds and heavy cloud cover. So thick today it looked like a fire had enveloped the island. Toxic, sulfuric fumes. The Big Island lost millions in ag this year and a few more lost their houses to LAVA. Our media are really good at hushing up the real Hawaii. I love it here.
Remember that is a daily level, meaning on close 942.50 is close of bar, that would be 4:15 EST If we get a run we get a run it will move the fork I will do an update as to a projection JB
Today was boring, I actually took a nap holding QID into the close. Didn't get stopped out, missed my target but sold for a nice profit 10 min after the close. I usually have Bloomberg on, muted with captions.... but look at CNBC lol everyone is yelling and flailing their arms about, how undignified. http://sadguysontradingfloors.tumblr.com/
here is the 240 min with Pitch Forks the red line is the prior fork, that is nice to have, that way you know what it will take to move it I think a close below 926 today will reinstate the downtrend WE SHAL SEE JB
Man I got hammered. Since "swing" trades don't work too well when gov, etc. are making this market jump 5-10% every time you turn around (need much guts to trade this overnight w/o stops per my strategy). But I worked hard to "scalp" about 2-3k in one account and going by Wed. late-day ram up, I figured after Fed announcement and just a few more minutes left that a close above 942.5 was a foregone conclusion (lol). I took off my hedge and before I could place a stop - we tanked 400+ points and I sold at the lows and gave up about 2.5k. This account has to now stay in cash since it's drawdown is at the lows and I am not a day-trader. I am waiting for further credence that this market is back in a uptrend. Plus I need to get my MOJO back. Watching the overnight futures run right back up didn't help! If/when I ever do place trades in a market like this. . .put my stop in first then take off the hedge!! paysense I am not a day-trader, I am not a day-trader, I am not a day-trader. . .
Sorry for your loss. I hate losing. This volatility is scary... and there is so much more we don't know than we know. Fundamentals? What are those? What is value? I don't hold anything but cash overnight because I watch too much Faber and Roubini and am scared to get caught by surprise. I'm wondering now about the USD and how little my paycheck will be worth in a year or two... and how to prevent what I have saved from being devalued. It seems everything is in a bubble everywhere... I don't want to hoard gold and buy guns, so I think I may actually buy a small foreclosure early next year, hunker down and fixer up over the years while I eat from my garden and take advantage of what will be no doubt tax breaks for homeowners. I've been trading for a few years and am getting tired of it. It's depressing. I'm not really greedy enough (sorry if I offend anyone) to take pleasure in skimming dollars out of this market that is highly manipulated by evil forces.
@alohanurse, thx. I learned a long time ago that there is SO much information about trading that to whittle it down to just what works for me is best. All else will rob me of my clarity - especially CNBC. . .although now I can watch for entertainment in the background, since so much of what is said is so uselessly wrong. JB: I don't or haven't taken the time to learn from your videos pitchforks, TPP levels, Yen movement etc. and I do take into consideration your NQ, YM, ES calculated levels. They seemed to be more accurate until this very recent boost in volatility. Then I guess using all what is in your trading room would bring trades into clarity. For now I think it would be GREAT to enter a trade on a pullback - with a fairly loose stop once it crosses the breakout or breakdown level and place a limit closing order at the ultimate target. But this isn't working well in this environment. pay$