I could've just deleted some of the previous posts, but I thought why not share a moment of "stream-of-consciousness" so other's can see what's going on in my mind. Don't worry I will not divulge my thoughts after 11pm
the finger's itching to take some profit
edit: bad itch! scaled out half my position at 13015 for +60
Then again weak dax after big reversal does not fill me with confidence about indices generally......... Dow has only made one up bar and that was today... friday was insider I think... Spx has made two up bars with today's new daily high....
So what ? This means the one or two day counter trend pattern is still intact as of today in US.... and it must go higher tomorrow as an absolute minimum or else.......Goldilocks may have company...
.. only kidding hook shot .. that's the way to trade! .. I might start acting on your posts soon, that'll bring your success rate down ('cause the market tends to disobey my direct instructions)
I suppose I better give some credit to Atilla for having reached 750 ...
But the only obvious/high probability trade I can see is long - sometime this week........ that's my BIAS. I know some don't like the idea of traders having a bias but I'm declaring mine.....
Pattern of trend in my understanding says we remain in a fast move down i.e a continuation of the last couple of weeks or so.... How does this square with my long bias ? Well I think the smackdown will become over sold and we'll get a short covering rally......... I just don't know when this will be but I'm guessing it will be sometime this week.
In the meantime I'm .... well lets not say but without a failed rally tomorrow I can't short and going long is speculative given the pace of the downmove. Don't get me wrong I could go long and make money but I would be "really" gambling.... for my style anyway.
Bottom Line I've got to go fishing somewhere else... maybe fx or commods not sure yet..... The only other index option near term would be to see if Asian sesh exhausts the downside and starts to turn up ........ the fat boys* like hongkong and nikkei could be interesting if that happens.
*Not intending to sound politically incorrect ... but what I meant is they are "bloated" as far as points are concerned....
Apologies to anyone offended
I did not go long for reasons stated but I'm now back in the game with this mega rally overnight.......I suppose I better give some credit to Atilla for having reached 750 ...
But the only obvious/high probability trade I can see is long - sometime this week........ that's my BIAS. I know some don't like the idea of traders having a bias but I'm declaring mine.....
Pattern of trend in my understanding says we remain in a fast move down i.e a continuation of the last couple of weeks or so.... How does this square with my long bias ? Well I think the smackdown will become over sold and we'll get a short covering rally......... I just don't know when this will be but I'm guessing it will be sometime this week.
In the meantime I'm .... well lets not say but without a failed rally tomorrow I can't short and going long is speculative given the pace of the downmove. Don't get me wrong I could go long and make money but I would be "really" gambling.... for my style anyway.
Bottom Line I've got to go fishing somewhere else... maybe fx or commods not sure yet..... The only other index option near term would be to see if Asian sesh exhausts the downside and starts to turn up ........ the fat boys* like hongkong and nikkei could be interesting if that happens.
*Not intending to sound politically incorrect ... but what I meant is they are "bloated" as far as points are concerned....
Apologies to anyone offended
