I look at things a little differently (but we were thinking alike). I see a HUGE jump last week that held for three days. I know news coming out will be atrocious, but at some point the market will fully discount this. There has been much technical damage to this market and whether we get a small trend like last March, a minute uptrend like July or something akin to late '02 to the Mar '03 bottom - no one knows for sure. I am just wondering who is trading this market. Do institutions just sit back and wait for the smaller investor to place their bets and then yank the rug out form under them. Are they simply manipulating things to try and recoup their leveraged losses!?! Or will we see real volume move the market up another leg? That is what I am looking at. I am not gonna bank that the 10% move will not suddenly go back down 5-10%. Very precarious market. Then when your levels (targets) get thrown off a bit. . .well I wish and then I don't that I can see all the activity you see - - but that would take more work to learn and may not fit with my temperament. So what I do is "wait-and-see".
Man, what a haircut! Was I right in that institutions are currently only in this thing to jerk us around! We close above the levels JB likely would've said turn this pitchfork around and WHAM. Sure, we could've played the break down levels all the way down to the extended ultimate target - - but the market didn't stop there, lol. I'm sure if you are in his trading room he'd have you into a rolling stop position all the whole looking at the YEN that may be a step ahead of the ES (I don't know I have my own "edge"/strategy and no time or desire to look at or learn too much new stuff) but go figure!!!
I hear you on that! I put in 360 point range for the levels last night then BANG!!!!!!! 500 point day I have to laugh at myself for thinking we where starting to settle down, I have been very busy of late but if this happens again I will be sure to post the extention levels here for you folks JB
Today was exciting! I thought we'd have another up day but have learned thanks to you not to act on opinion/emotion or any expectations I may have. Thanks for your levels, they really help me and I use them as my entry and exit points. I notice so many traders always trying to figure out why the market does this or that. I think that's okay, just to be aware of conditions, but too many myself included tend to become convinced that news/sentiment/whatever will move the market a certain direction. Surprise! Trading is alot lile surfing. Know and respect the ocean. Wait for the right set. A looong time if you have to. Enter and exit properly, always put safety first, and try not to drown or get eaten by the sharks. Aloha
Funny you say the market is like the ocean, I just said that to someone yesterday, I said you have to respect it, love it, fear it and never guess what is is going to do, I said this because he was a boater and needed him to understand market action, I asked him if he ever goes out boating without knowing what the weather is or what the seas are or do you just wing it and guess what the seas will be. Getting caught in 15 ft seas is like being in a bad trade no way out and how did I get myself into this...........lol JB
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