we are currently flat after being stopped out of the system shorts several times today. we have two (2) more trys at the lower figure of 9653 before it is invalidated. djia is in channel at this time and we are FLAT. still short BBI best, surfer
Surf is trading a system. It gives signals and sets stops. I don't think he expects anything but what is. Trade Well.
Systems don't have expectations, traders do.... marketsurfer Elite Member Registered: Apr 2002 Posts: 3151 11-19-03 06:50 AM holding we are holding system shorts here, expecting down close today. best, surf
we are ending the day FLAT in the index. the channel levels are still intact, and we will continue to trade off of them untill proven otherwise. hope to see some of you in NYC this evening ! best, surfer
Ok surf I expect some sort of stand to be made by the bulls shortly, either in the form of a reaction wave or basing action. I was just guessing it may take place friday and into next week's option expiry, but it might come sooner. I would prefer a reaction wave that appears very weak, that would make me uber-bearish at this point, and I would be targeting weak stocks / indices. Until my analysis shows a weak wave up that cannot get to new highs, I will sit on hands here. I've been out of mid-term longs since mid-october, and waiting for some resoution on the daily chart timeframe. There is always the possibility this most recent action is a shakeout and a melt-up could happen, but I don't favor that outcome in the near term even with respect to seasonality. Although a good bit of your style contrasts with mine, I enjoy reading your journal here quite frequently, FWIW I figured I'd toss in my analysis for the 3-5 day+ holding period trades. I'll try and toss in a few short ideas if and when the market tells me too. As always goodluck,
thursday morning--- we are entering the open flat with the system---i have absolutely no bias as to what will happen today. will be trading mechanically off the channel figures. best, surfer
I love this thread. It's one of the few remaining reasons to visit ET on a regular basis. Peace, Scientist.
shorts fired at 9653. the system is short here. thanks science, woodfish and td. strategy-- will give trade some room to work--stops 9678 at this time. 9677 should provide some resistance to upmove per wheel. best, surfer