And the direction is down. Long term professional traders also trade only in the direction of the trend. Donât get me wrong I see nothing wrong with counter trend trading as long as its light and you take profits quickly. Why does everybody have to be so ulgy. This place is so strange.
S2007S, I subscribe to the thesis that news mean nothing, price means everything. That doesn't mean you won't be right, it just means I don't think we do ourselves a favor cherry picking which prices moves we think are "real" and which are "fake" and thus trying to outguess the markets.
Let me ask you this . . . Do you actually think that professional traders such as Stevie Cohen, Paul Tudor Jones, Stanley Druckenmiller, or Stanley Shopkorn would have NOT traded from the LONG SIDE today?
Landis let me ask you a simple question. Would you establish a new position in June 08 ES contract right now @ 1326.00??? Right now @ 3:53cst
you are right, its just that last time the fed came in and every started to rally again everyone thought it was a clear signal to get long, it wasnt, im not saying this time is the same, maybe this was the bottom and maybe the markets are ready for another 5 year run but its just not possible at this moment, the markets are going to stay in 1000-2000 point trading range for quite sometime. I would get bullish below 11200k and extremely bullish under 10500.
Thatâs hard to say I really don't know. More than likely they would have been stopped out of a short. Then maybe reverse with a small position. But I doubt they would have a large long position yet.
If you are investing then I can see your point, but if you are trading why would you be bullish the more the market sinks?
20 years ago I traded for PTJ. I can assure you that on a day when the FED pledged 25% of its balance sheet as collateral, PTJ would not be short by any means . . . He would be significantly long.
I invest and trade..... I have beed adding new long positions for my IRA since the dow has fallen below 12300.