This is Porgie talk, I really haven't got a clue WTF you are on about. It seems that you are sitting on a crystal ball or something knowing WHEN price is going to reverse, like Porgie you keep going on about some proprietary trading system, like hell I say, this J is all you got - YoYo, try a bit of this, try a bit of that.
And I personally think that you should stop being afraid of making live calls in your name and not in some system that if failure rate is high or break-even, nothing to worry about as it's the system's trades, not my proprietary stuff LMAO.
hey romik, thank you for supplying us with more guidelines of what a good trader doesn't do these examples are best illustrated in a story format, as follows: *** opening shot: romik comes out of his office after another hard day of "trading", greeted by mrs romik mrs romik: "oh hi honey, how was your day?" romik: "it was great! I blogged for hours on ET, called a lot of trades, explained the finer points of averaging down, which is where you put more money in as the price moves against you, so that when it comes back your way, it doesn't have to come back as much for you to make more money! ⦠oh yeah, I told this guy off too, he was trying to tell me to stop blogging so much, stop calling my live trades and concentrate on my trading. But he doesn't know what he is talking about!, hahahah ROTFLMAOLOL" mrs romik: [waiting patiently for him to recover] "that averaging down doesn't sound too good, it sounds like throwing good money after bad" romik: "well, yeah but I have a technique for measuring price levels and divergences and I read charts" [he says], drawing an inverted Y with a line underneath it and a second line bisecting the first one at a 45 degree angle on a piece of paper to illustrate what he is talking about â¦" mrs romik: [looking kinda dubious] "okay, how much money did you make?" romik: silence "⦠well, I only lost $500 dollars this time" mrs romik: "$500 dollars, is that on top of the $10,000 dollars you already lost?" romik: [sheepishly] "yeah" and then quickly "but if I had held onto the trade, it would have made $2,500!" mrs romik: "well why didn't you hold it"? romik: "well the news channel was really bad, and since I don't have an edge with my trading, I didn't have any confidence in my system. So I closed the trade at a small loss" mrs romik: "but I thought traders made trades so they could make money" romik: [stubbornly,] "a trader takes his trades" ⦠but don't worry about it, I can make it back with my 2 pts trades, and if they don't work, I can always martingale into the next one" mrs romik: "and what, pray tell, is a martingale?" romik: it's where I double the number of contracts traded for every loss I take mrs romik: looks at him in disbelief, then turns on her heel and goes into the next room romik: quickly walking behind her " well yeah, but my thread is doing really well, I have a high hit rate and most ET'ers need low margin systems to take their trades" [thinking to himself] "(but come to think of it, I don't know why they would want to listen to me, considering the way I like to take a hit)", and my divergence system does that, but I don't trade divergence anymore and â¦" camera fades, with mrs romik going into the living room to turn on the TV, while romik reaches into his drawer to pull-out his check book ⦠http://www.gamblersanonymous.org.uk/ Bye for now, JJ
R1 - 1338 PP - 1332 S1 - 1324 *** Price action is current below the previous day's Open and Close, but at the same time above first Support. If it holds I expect the market to move up to at least the Median Pivot (1332). First Level of resistance corresponds with the Previous Day's Open (1338). Best Regards, Jimmy Jam
If you go back and look properly, you will see a short trade full position size being present while the long was still open, that short gained +3 points and has offset the loss in the long trade and has put me in profit after closing the long trade, which wasn't closed based on news, you muppet, it was closed as there has been a divergence on the 240 TF and I assumed it started before my estimated 1340. I linked the decline with Thai news only later on. After these 2 trades were closed I was already in the black. Right now I have 18 contracts short averaged just under 1329, half's been covered @ 1322.50 the rest at breakeven or lower. If you do the maths, profit from this trade alone might equal your TC my man. Good luck to you, hope you find what you looking for. :
Actually this story of JJ's requires a poll, like who actually has thought it to be funny and who didn't. To be frank, there is a lot of misinformation in that story of yours, non-factual. But I am sure, JJ will re-read and apologize like he always does, no backbone whatsoever.
Price action has is forming a tight channel at S1, with a high probability moving back up at least to the Median Pivot.
JJ - heads up....1322.00 is a MP level. If we sell through this level with strong volume (initiated selling) then look for a great SHORT at the first retrace back into the 1321.00 to 1322.00 area.
Yeah, I'm seeing that buyers are very hesitant to commit at this level, while there is strong technical analysis support here, the buy-in isn't coming through the way I honestly, would have anticipated. This is shown by the enclosed chart I would think (and we have enough time) left in the session that whichever way it breaks will determine the trend for the day. Also I like to monitor the VIX/VXO for my internals, and I just don't see enough fear to warrant selling. Thanks for the heads-up. Best Regards, Jimmy Jam