Well welcome to the forum and you are starting it off well by insulting half the traders in here! You should fit in just fine. Seriously though it's nice that you think you are so wise and brilliant but maybe you might want to think before you type. If you are so brilliant post BEFORE the move and not after then we will all go WOW.
I apologize Agenda88. That was thoughless of me. I should have just suggested that you stop trading until you get a better grasp of this Market thingy.
well I'm thinking I'll cover my YM shorts at 10,000. Unless oil goes down below 55 then I'll cover sooner.
Charlie, maybe i was misunderstood. I wasnt looking for advice on which direction to trade the dow today or any other day. I was using today spike to try to brainstorm among the forum traders, some rules to implement on a System strategy to protect from such a fall/recovery. Needless to say your input so far has been .. weak. Thanks to all the other participants for their replies.
To me, it is time to think of how to trade tomorrow's YM. No guessing, no predicting but anticipating. Good night from UK.
You must have missed the Globex spikes from 99-00 when the electronic contract was in its infancy. It was not uncommon to have cascading spikes up and down in the ES a few times a week or a month. In fact, just 2 years ago there were a number of "fat finger" trades in the ES, NQ. I suppose for the people who just got started in these things they sleep well at night assuming that their stops will save them, truth be told stops could have gotten u filled at the worst possible prices quite a few times during these episodes. Oh, and I even forgot to mention the pre-emptive rate cuts of Oct, 1998, Jan, 2001, April, 2001. Take a look at those charts.
Came from the horse's mouth. Absolutely no busts. Some big funds lost money today as stop losses and sell stop loss were triggered below 10300 and got caught short as it bounced back. There was a lot of screaming at the office today.
Is this directed at me? If it is, then my answer is "because there were good buyers on the bounce at 10471". I'm a scalper, so I play both sides at all times. I was favoring the short side for obvious reasons, but I will also play a bounce based on the tape.
Can you tell me what it will do next and what we are setting up for in the next few days so I can buy/sell 100 YM's please? You are right. I am one of the people who unfortunately got caught in it and was asleep while I scalp 1000+ turns a day. An old trader once told me something which I have seen happen over and over: "Every trader takes a good tumble at some point. He either gets up and climbs to new highs or he gives up and does what he is supposed to do elsewhere." This goes for everyone from Livermore to The Flipper. Sh$t happens in trading. It is part of the business. I feel for those who got hurt by this because I know that many here are working hard and have small accounts. Lucky for me, this isn't much more than a bad trade. Your comments show no class, a lot of arrogance and are spoken from a very high stool. I hope you don't fall any time soon because the ride might be long for you. Good luck to you.