On an unrelated note, Joe Terranova tweeted this pic of a pigeon riding with him on his commute this morning from Long Island. <script type="text/javascript" src="http://img.ly/images/2377431/embed"></script>
I don't chase momentum into the 2nd half of the month. I'll take fades after that. That's just me. Everybody has a different personality.
Really? I didn't think anybody was reading it. Sometimes I get the impression I'm talking to myself on here. LOL.
1220 touch on spx again unreal! this to me is the value area, I would be looking to cautiously accumulate we could get down to 1180 area again, probably not today.
here is a spy 60 minute chart with the recent swing high and low, 118 or 1180 is the 50% fib of the whole move.
no looking at some scalp longs here with virgin tight stops. 1220 is the retrace of the lowest and highest sp figure so I take note when we pass thru there.
the other thing to be aware of is that alot of traders have been effected by MF global which cleared alot of floor and off floor traders this may exacerbate the moves.
Oh man, I get a great amount of value from this thread, both the chart-specific examples of applying this type of thinking to individual products, and the higher-altitude discussions of the ACD "philosophy", so to speak. Like RCG said, this method seems to be a very clear-cut starting point for viewing the markets in a rational context. I'm a total noob at trading in general (PC support and web dev fulltime), though I've always been fascinated with the idea of participating in the markets in some active way. But so much literature makes it all sound like black magic. ACD, however, sort of makes me feel like the fog is burning off, like there is a consistent way to approach this game, and this thread in particular has been a huge help for me in trying to get my feet grounded. So by all means, keep talking to yourself