barjon
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my brain exhausted, but that's its usual condition 🙂
played 9:00 reversal but caught out by the fast rush down not many minutes later and late to hedge. Fortunately FTSE has been strong since, though, so it's reduced the damage considerably.
800 bidders for free money from the ECB spooked the market into thinking it was bad news. I guess this is their version of printing money. Can I have a three year loan of several billion at 1% interest rate? No wonder there were so many bidders.
Dick Lexic
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kicking like a mule....i had to run for cover🙁
Dick Lexic
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bucking bronco.....or similar words 🙂
Dick Lexic
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tails
Dick Lexic
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no sorry, i meant heads🙂
It is starting to look like a market that wants to sell off. That GDP number was very good. The FTSE retesting the high on the spike up at 1:30pm, and failed to get higher than 5916. We may still be ranging, which if that's the case the low shouldn't be much below 5907, but the 5915 number is now a level to watch.
Well who would have guessed the sell off would be so strong? Looks like it was waiting for Ben Bernanke to get his bit out of the way. I think this is the correction the market has been waiting for. 13000 was hit on the Dow. The Dax had its 7000 already, same with the FTSE for its 6000. Todays daily range for the FTSE is the largest for 10 days, and the volume of selling on this last 5 minutes has been massive. I'd like to see a pullback on the ES to the 1370 to 1372 area, before a continuation down to test 1350.
barjon
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Aye and ftse didn't like it one little bit. It kept pace with the fall then broke into a sprint up the home straight. From 16:20 to the 16:35 low point it traded -15 weak against the dow. Wow!!
Did you take the trade jon? There hasn't been much of a pullback on the FTSE, whereas the ES has gone 50%. I am short on the ES at 1369.00. I am hoping for more selling later on this evening, and possibly even tomorrow. We've got the ISM Manufacturing PMI number tomorrow at 3pm, which I expect should be good, so I don't think the sell off will be massive, but based on the volume recently something big is about to happen.
barjon
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yes, i've got a new l/s pair that i'll hold overnight
😀 If there is one thing that I have realised for a long time, but was confirmed yesterday, it is that there is no point in having a stop 20 points away when you can put it 10 because, once broken, it will go lower anyway.
Sometimes, but rarely, it goes a couple of points beyond the stop and reverses but, usually, by having them fairly close, using logic and experience, the stop, once broken, saves the trader a lot of money.
Yesterday, I mentioned that I had put a 10 point stop and had got bored with trading and I stayed stopped for the rest of the day.
Big mistake! 😢 But the stop means that I'm in again today and my capital is ok.
Sometimes, but rarely, it goes a couple of points beyond the stop and reverses but, usually, by having them fairly close, using logic and experience, the stop, once broken, saves the trader a lot of money.
Yesterday, I mentioned that I had put a 10 point stop and had got bored with trading and I stayed stopped for the rest of the day.
Big mistake! 😢 But the stop means that I'm in again today and my capital is ok.
