Discussion in 'Trading' started by OVERtheLINE, May 1, 2003.
when we broke thru .618 back(905) from fridays low to tuesdays high?
the meltdown started yesterday at 3:45...
i just can't believe the sellers came out so aggressively...
i also can't believe i was unlucky enough to pick a stock that rallied when the whole market got run over by a train...
ahh, the naswhack...
Dont worry longs.... PPT wont let you down!!
just some really funny looking action going on..imo
Just another example of people seeing different things. I see your point (now). It was a good Fib support level.
But at the time I saw the hard breakdown below the support at 910 (likely sell stops lurking there aided by eco news right about then). This followed with a very minor pullback in the 906-907.5 area on the 1 minute timeframe and then hard selling again when we broke down out of the pullback.
Of course I talked myself out of going short around 912.5 on the short timeframe opening range break. I was still peeved at missing the break out of the rising wedge late yesterday afternoon. I guess that affected my judgement this morning, thinking the move was almost over.
Once we broke down at 910 I could see some serious trendline support just below us. Also the shorter timeframes were very oversold at that point. In hindsight I could've snagged a bit.
One thing I've learned is when I chase the only thing I catch is my tail. The time will come again (waiting and watching the pullback).
It's funny. When I started trading every move was a trade. Now, I've become super-critical of every opportunity and miss a lot of stuff. Perhaps the pendulum will swing back to the middle?
(Whew, feel better now..)
Oh Lord, I see another wedge forming. Or is it a flag? (11:20 est 1m on ES)
Damn things are all over the place..
The e-mini just went to sleep at 11:15. Very low volume, even for this time of day.
Never mind. Apparently it's a Globex problem.
mkt was tanking and nothing really sold off for a decent short... i made a majority of profits on CB on a long... go figure...
well, i'm glad another trader made some cash on the upside, instead of that MM holding a buy order in hand...
< the meltdown started yesterday at 3:45...
i just can't believe the sellers came out so aggressively... >
I can't believe it took soooooo long for the market to selloff. Was way overbought IMO.
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