Dow 2007

firewalker99 said:
Trying to find the equilibruim is not an easy task, but it might help if you wait for a double bottom formation. It's not a guaranteed formula for success, but it will keep you out from those gambling on a long trades. Just my advice, take it as you will, nothing personal.
Click to expand...

Down a bit more and that double bottom looks quite likely imo

Assuming it hasn't got one cheek in the air ?
 
fwiw I think 13000 is on target...

If not today then daily's look bearish still. Tomorrow perhaps... :)

Can't see a bounce at all...

Also, according to the press many bears out there waiting with lolly to short the market on any rises...

I'd say those going long beware my two pence worth...
 
Stop in at breakeven (at +20). Wary of resistance, but wanting to wait for the market to tell me if I am right or not.
 
It can't close above that resistance level, and volume is beginning to decline. I think the high here will be rejected and price will head back towards the PDC.

If I were still in, I'd have the stop at the level I exited at, which looks like it will get hit any second now....hit.

Looks like I took the most out of that trade anyway. Now 260 is the level to beat. I'm not selling that, but I think if price breaks there we'll be back down again.
 
firewalker99 said:
I'm not making fun of you. On the contrary. If you see price falling sharply, why go long? It's against the trend, it's against the flow. You need reference points. Important support & resistance can do that for you. It's not necessarily, there are other ways too, but it helps.

As for my long, it's an agressive entry. The earlier, the riskier. If you wait too long for confirmation, you'll most likely be sitting through a retracement and getting stopped out again. If you wait not long enough, you've almost guaranteed to be stopped out on the way down. Trying to find the equilibruim is not an easy task, but it might help if you wait for a double bottom formation. It's not a guaranteed formula for success, but it will keep you out from those gambling on a long trades. Just my advice, take it as you will, nothing personal.
Click to expand...

Don't worry, I didn't think you were making fun of me or take it personally. It was a stupid trade, plain and simple, made for all the wrong reasons.
Hopefully, I can make a few points back on my short from 200.
 
firewalker99 said:
not a bad call, even I say so myself

must be "in the zone" or something like that :cool:
Click to expand...

I'm quite happy with my quick +30 on the breakout. I'm not too sure about 13300. I wouldn't sell it, but it appears that somebody is!

Most of the spark has been taken out - the lows have been tested and rejected, and we won't see them again today, however I don't think there is upside left - it will probably just meander around between 240 and 300 for the rest of the session.

I don't see any setups right now, so I'm staying out.
 
Volume dried up on that last 5M bar. No sellers yet, and no buyers at this level. Perhaps price will be properly supported around 260. If that level goes, we're clear for 20 points to the downside.
 
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