Pull up a 60 minute chart and you'll see that the S&P has been trending in a perfectly defined upward channel since around the 17th. The question is, will it continue? Opinions?
It will go up and down and up and down and up and down. How much of each and when is anyone's guess. Trade what you see
October 31st window dressing says up til end of month, but logic says down. If anyone knew for sure, the market would have to change to make them wrong.
aphie Trade what you see, trade with the trend, cut your loses let your winners run, buy low, sell high. What does this mean. I have checked out part of your journal and know that you have been properly humbled by the market. Now I ask you what does trade what you see mean to you. I would be impressed if you could answer the question. I was able to answer that question after a few years of trading. But what does it mean to you. This is not to put you down. After you answer I would like to hear other peoples thoughts on this statement.
Check out the return percentages for the last 3-5 days of each trading month this year. More like window spewing...
Actually, this is what Aphex sees... Originally posted by Aphexcoil: "Obviously charts are a historical view of stock prices, but then, if you are going to swing trade stuff, what really do you have to use instead of charts? Here is what I am seeing with IBM right now (and this could apply to many other stocks as well) ..." (from thread http://www.elitetrader.com/vb/showthread.php?s=&threadid=10229&perpage=6&pagenumber=11 ) Attachment: http://www.elitetrader.com/vb/attachment.php?s=&postid=145151 Cheers!!
You think he has been properly humbled? By losing a few thousand dollars? Does he really strike you as a humble pie eating battle weary blown out trader who has admitted to himself that he knows nothing about the markets and how to trade them and is ready to surrender to a trading power higher than himself?