I would say there is at least the possibility here for some downside. This is a 60 minute chart--daily chart does not show divergence yet.
OK So one picks tops and another trades the middle ground after a change in trend has been confirmed, and before it tops/(bottoms) out. 6 of 1 and one-half a dozen of another ... so long as you've crunched the numbers, have a proven, definable (at least to yourself) EDGE with a System that you know has a positive expectancy ... at least until it is doesn't (the market proves otherwise). In "hindsight" there was a helluva lot of divergence in the NASD and SPX before the Dow went for a tumble, and if you follow the Dow (or its derivatives) in relation to the SPX you've seen (know?) the elasticity the index has in comparison to its "big brother" (might have something to do with tracking 30 stocks vs. 500?), so that trade worked out (is still working) sweetly. I say good for you Surf, whatever edge you have, continue to exploit it, use your averaging methodology to set it up so that the losers never loose to much, and do what most, if not almost all retail traders find extremely difficult to do ... trade the markets profitably. Best, Jimmy
fortunately, we captured a very nice move in the eur/usd short from last night EST. our internally held stops are slid up to 1.2907 to lock in gains, while allowing for expected oscillations. after a troubling time, its nice to be back! holding the DJIA shorts via YM here into the NYSE open. surfer almost back!
why don't you post your own journal? stop capitalizing on surf report. how about some calls prior to mine, or at least something original...... surf
Surf, Shuda Held GLD with me bro! Out first half 68.65 up +$2.35 Will keep you updated on the next exit.
no indications have arisen of need to close short YM or long dollar yet, continuing to at this time. surf
GLD update: If it gets anywhere near $66.00 today (doubtful but possible) exiting the rest of the position and watching intraday for a "possible" long set up. It would be VERY fast and furious IF it where to happen at all.
Good job surfer! I haver read your reports since clearstation atleast 5 years. you never cease to amaze and confound the critics. very impressive! pink bunny