Wow, I can't believe I missed this whole day I think what Don said earlier would have been the wise move. There were at least 2 tradeable flags that would have provided your 2 points not to mention the long call at 51.00 Romik, Looking back at the chart I posted last week I have been thinking we should be at or above 1370 right now. I don't use funny-mentals but I don't think they are as bad as people would like to believe either. Usually around mid October is when people start looking for any reason to rally into the year end (Santa Clause rally) This year they are looking and trying to figure if Fed will not only stop increasing rates but maybe even lower them which will trigger the new major rally. Lets just sit back and enjoy it though. Gary
What a day to miss trading. I just know I'd have made a killing. I don't have a real good take on where resistance will be tomorrow. Your thoughts? Doubt if any short support gets hit. Guess it's, the trend is your friend kinda day. I'll have a couple hours in the AM to trade.
CO, Since we are setting new all time highs right now you have to use the the spx market to find resistance or the trend line. I have it at 1370 for right now but there is a major resistance level at 1390. If you use the spx market you need to factor in that the ES is about 10 points higher than the spx. So where you find resistance on spx just add 10 points to it.
What a day! Had a small lapse but scratched into positive territory. Sometimes I feel I should be getting more out of these big days but hopefully that will come with more experience. I noticed all of my trades eventually went on to their full 2 pt goal, however I always get caught when I make the move of the SL from BE -1 to BE +1 once the trade goes 1.5 pts in my favor. Each move hesitates around BE +1.5 and moves back to the BE +1 level before continuing on to 2+ pts. I will have to find the tradeoff between busted trades and giving up 1 pt on the winners. Too many busted trades also takes a psychological toll on the neewbie. Something to look into?? For tomorrow, there seems to be an area of congestion below 1357 down to ~1354.50. Too hazy for me to make a S/R trade here so my first S is at 1351.50 (also old resistance). Also, I the long trade is right near the close, so I don't have a good plan if it gets taken out before the open??? For Oct. 5, 2006 Long - 1359.5 (HOD) lots of room above Short1 - 1351 to 1348.50 Short2 - 1347.25 to 1345 Almost forgot the disclaimer: I suck! Don't trade these numbers unless you hate money. [not a joke] twink
Twink you are a funny guy Here are my numbers for tomorrow. If the market continues up during the night I will consider trading a flag pattern tomorrow in any case you guys will know my trade and my reasoning for it. Long 1359.50 - 1370 Short 1347.25 - 1344.25 Good trading to all tomorrow, Gary
Not wanting to get caught up in some early morning chop I am going to delay my long entry to 1360. There is plenty room above for 2 points on this one but it should keep us out of the chop as well.
I agree. I'm a little reluctant as well about going long at 1359.50. I would like to see a significant pullback first (to about 1355). Just my 2 cents.