Speaking of stupid sh*t, Red neck has an air shoe now, does MaMa know bouts it too? You musts be a doing well on thems 1998 Saturns. https://vimeo.com/100670266
Here’s an update on the three active trades I have. Trade #1: MAR 2016 ES daily timeframe – Stop moved to breakeven ($1847.50). If price moves back down to that level I don’t want to be long unless another setup presents itself. Most traders seem to be very bearish right now on the stock market. To me it just looks like a trading range in a longer term uptrend. The trading range has taken the form of a double bottom and is about the same size as the 2011 correction so no indication of a reversal on the monthly chart. Plus the monthly uptrend since 2011 has been so sharp that many investors appear to be buying at and just below the 40 month EMA on both the S&P and Dow as can be seen by the price rejections at this level. Trade #2: NXPI weekly timeframe – No adjustment to initial stop. Weekly candlestick is bearish but not significant enough to cause me to consider any trade adjustments. If next week closes down with an even bigger bearish bar I may reevaluate. Trade #3: APR 2016 HO daily timeframe – Trade went in the intended direction immediately. Initial stop is adjusted to ½ the initial risk. With these adjustments, I now can now assume an additional 3% of initial portfolio risk for going long equities next week. However, tonight I scanned through a few hundred weekly stock charts and have many more bearish picks then bullish, but most of the bearish picks are related to the oil sector. Since I’m already short heating oil with about 1.5% of my portfolio, I will likely on go short no more than two of these oil sector stocks next week. I also see several commodity setups that are just about ready. This weekend my goal is to put in 4 hours of chart practice and 4 hours of detailing my setups and reviewing suggestions for improving both the psychological and technical aspects of my trading that have been put forward in this journal. But first it’s time to go out for a little crazy Friday night entertainment – all work and no play makes 2_bits a dull trader.
Spontaneity. It happens in the markets. The best trades often come out of nowhere, it seems. Sometimes less is more.
OK, now I really want to know --what is so special about nxpi? Did you own this stock before? Does it owe you something? Because I don't see anything that would make me want to be long the stock here. Enlighten us, please.
I's sold out dem sat-turns - needs ta replenish ma in-vin-tory for monday ===================== Man..., that is some flyin - sum beach Thank You Sir RN
Nothing much real special about NXPI other what I wrote already. This is definitely an "anticipation" type trade without much "confirmation". So the risk is higher but the reward is also. Because I limit my initial risk for stocks and stock index futures, I only had one stock to choose and this happened to be the one. Not married to it at all. Admittedly last week's bearish close makes it look less appetizing to me, but second guessing myself once I'm in a trade because it doesn't look quite as good as I originally thought is my number 1 psychological issue over the past five years. I believe that was a large factor causing my reward risk ratio to be about only 1 overall. Now, I need to see some evidence that it will likely fail first or else let my initial stop be taken out. Such evidence might be another large bear bar down next week closing on its low or perhaps a few more weeks of price stalling right where it is; also at the end of the month I'd like to see a tail on the February bar to show that my 40 EMA and the 50% retracement was solidly rejected. From a high level, in the monthly chart it looks like a bull flag to me. On the weekly chart that flag has taken the form of a well defined downtrend channel that my signal pinbar rejected. This was also the 50% retracement level of the entire move up from the end of 2011 which I can see being retested next week. In short if I get stopped out on this stock, I will treat it as a learning experience and move on without any regrets. I have a bunch of other stocks that I'm looking to trade.
right I got the same from the monthly I've seen too many failed flags, especially in the currencies to trust them completely. After a certain amount of time its just better to wait for the new T/L to be broken and then confirm. Otherwise one is just picking a bottom.
Well, I initially set out this weekend to better define my setups. I ended up starting the first few pages of a trading manual for myself. I first reduced the different stages of price movement into the following conceptual categories: sharp trends, choppy trends and trading ranges. Then I began describing each in as much detail as I could. I'm only about halfway through this part. After I completely describe each stage of price movement, I hope to develop well defined and unique rules on how to trade each stage. Just the first few pages took me many hours to draft. This entire process will likely take me many months, but I think it will be extremely worthwhile for improving my trading. I already see how such an investigation will expand my repertoire of trading setups. In fact, I spent most of my time this weekend just exploring sharp trends, which I usually stay away from because I'm not sure how to trade them. I have a lot of notes for trading sharp trends but they are disorganized right now. Attached is the introduction to my manual. As you can see I really did not cover trading ranges yet.
I have a lot of setups that I identified this weekend. Due to time constraints I will only post those that I actually enter.