Dow 2008

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breadman said:
close at 11603 for -4.5 points
Click to expand...

unlucky mate, may I ask what prompted the shorts as from your recent commentary your bias has been mildly bullish...
580-660 range for the rest of the day?
This looks like it has been churning for the past couple of days and hence the lack of real pullback intraday to long...
 
above 11560 I was looking to short I was just looking for the market to go overbought. I thought 11600 would hold the rise with a test of 11560 from above at least before it went higher. once it got above 11600 and consolidated their, 11650/11660 became the next target. My position ended up been in the middle of that 80 point range which was a bad place to be. A loss of 4.5 points on that trade was not a bad outcome. It's a strong market so I will not short again unless it hits 11660.
I look at the dow, s&p, nasdaq, russell, nyse composite, transports, utilities for signs coming together at the same time. my timing was a bit early which meant I was not happy holding the position for the rest of the day, so it was best to get out.
 
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hi friend , i am new here in this forum & interested in dowjones
even i expect more down trind with bernanki speech today , but he did'nt make any big movement as before?
 
If this makes a lower high on the 5 - 10 min charts I reckon it will come off the boil and close around R2 @ 11558.

If it goes flying past 640-50s I'm out.
 
breadman said:
above 11560 I was looking to short I was just looking for the market to go overbought. I thought 11600 would hold the rise with a test of 11560 from above at least before it went higher. once it got above 11600 and consolidated their, 11650/11660 became the next target. My position ended up been in the middle of that 80 point range which was a bad place to be. A loss of 4.5 points on that trade was not a bad outcome. It's a strong market so I will not short again unless it hits 11660.
I look at the dow, s&p, nasdaq, russell, nyse composite, transports, utilities for signs coming together at the same time. my timing was a bit early which meant I was not happy holding the position for the rest of the day, so it was best to get out.
Click to expand...

Guys, follow the chart and go with the trend. If you are a daytrader such as myself, the MA's signaled a long @11506, then you should add to your long. You don't short an uptrend and average down on a losing trade. I'm not trying to be a jerk or an asshole here, just giving you my best advice and objective reasoning...the longs made most of the points so far, short this trend when it actually exhausts itself. It was an easy trade to go long.

I went long 1 contract, then added another contract as momentum kept up nicely. Over 1k in profit, but I exited on the retracement for a little less...If you got the buying power, use it on the winning trades. I bagged 77 points per contract. So the total gain comes to 154 points.

Don't be a contrarian unless you have a very good reason. Otherwise, hop on the trend and play the herd.

Nabelo-I don't really try to look for news events to make my trades. I trade cross overs and usually it's all off 1-3 technical indicators, along with stops and money management.
It is good to know when news is coming down the pipe, but usually it's best not to trade off the news, because the big boyz know we're coming to take the bait! :cool:

Good trading guys! :clap:
 
Mr.J-Arthur said:
Guys, follow the chart and go with the trend. If you are a daytrader such as myself, the MA's signaled a long @11506, then you should add to your long. You don't short an uptrend and average down on a losing trade. I'm not trying to be a jerk or an asshole here, just giving you my best advice and objective reasoning...the longs made most of the points so far, short this trend when it actually exhausts itself. It was an easy trade to go long.

I went long 1 contract, then added another contract as momentum kept up nicely. Over 1k in profit, but I exited on the retracement for a little less...If you got the buying power, use it on the winning trades. I bagged 77 points per contract. So the total gain comes to 154 points.

Don't be a contrarian unless you have a very good reason. Otherwise, hop on the trend and play the herd.

Nabelo-I don't really try to look for news events to make my trades. I trade cross overs and usually it's all off 1-3 technical indicators, along with stops and money management.
It is good to know when news is coming down the pipe, but usually it's best not to trade off the news, because the big boyz know we're coming to take the bait! :cool:

Good trading guys! :clap:
Click to expand...


Rules are rules and you are certainly right in what you say Arthur, but beyone R2 I feel the DOW is well extended. MACD and Stochastic showing over bought areas.

I'm now seeing the development of a double top. As long as it doesn't runaway passed 630-40s I still hold the position it may well retrace to 560s.
 
Atilla said:
Rules are rules and you are certainly right in what you say Arthur, but beyone R2 I feel the DOW is well extended. MACD and Stochastic showing over bought areas.

I'm now seeing the development of a double top. As long as it doesn't runaway passed 630-40s I still hold the position it may well retrace to 560s.
Click to expand...

i feel the rally in the dow is overkill, we have had the financials strong because of the lehman rumour providing a grounding. the sell off in oil has been immense. i think its done for today... the dollar has gone beserk and again i think its done, so what with it being friday sell off for mr dow please. first target 11566...
 
francisfinley said:
i feel the rally in the dow is overkill, we have had the financials strong because of the lehman rumour providing a grounding. the sell off in oil has been immense. i think its done for today... the dollar has gone beserk and again i think its done, so what with it being friday sell off for mr dow please. first target 11566...
Click to expand...


Here we go. Here comes to top blowing it self out...

No looking to move pos to break even and lets hope pips in the bag.

Nice to have a +ve end to a long weekend. (y)
 
Atilla said:
Here we go. Here comes to top blowing it self out...

No looking to move pos to break even and lets hope pips in the bag.

Nice to have a +ve end to a long weekend. (y)
Click to expand...

dunno if its going to move before 9pm tho, trades very thin, dollar wont budge down lower.
 
Hey guys, we should also include the mini-nasdaq contract in this thread (as well as other indices if you trade em). I'll be posting my comments next week on the NQ market and the YM too.

I noticed something interesting about NQ and my system. NQ has a lot less market noise than YM.
It hardly retracts 10pts to trigger stops after giving a solid signal. Each quarter (.25) tick is $5 which is just right. Margin requirements are less for NQ than YM at my broker.
my radar will now include both markets as the NQ looks suitable for my style too.
 
Here is Oscar's view

1st FLASH UPDATE
S&P 500 & EMINI 08:36:01 AM EST

We are beginning to enter here from the long side right down to 1284.50.
Last print = 1285.50
Keep your stops in place.
I wioll keep you informed
 
francisfinley said:
did you leave it open atilla?
Click to expand...

Yes but closed it at 11607 when it started rising back up around mid-day. Also missed out on the news. :whistling

I have S1 @ 11478 at the mo.
I have S2 @ 11289 but sceptical it will go down there. Unless some bad news comes out regarding Lehman.

I also think housing stats look good as the peak summer buying season comes to an end. I can't help thinking winter time is going to be pretty miserable.


Just playing games with the kids at the mo so I don't think I'll be trading much today.

Good trading everyone. (y)
 
Atilla said:
Yes but closed it at 11607 when it started rising back up around mid-day. Also missed out on the news. :whistling

I have S1 @ 11478 at the mo.
I have S2 @ 11289 but sceptical it will go down there. Unless some bad news comes out regarding Lehman.

I also think housing stats look good as the peak summer buying season comes to an end. I can't help thinking winter time is going to be pretty miserable.


Just playing games with the kids at the mo so I don't think I'll be trading much today.

Good trading everyone. (y)
Click to expand...


meh! i didnt have anything on today did a bit on oil and gold this morning but didnt look at the dow till after the open! double meh!
 
Crummy day for me. Sheeshhh. I missed the drop by a little bit. My stop was knicked in YM and in NQ I simply didn't react fast enough to the conditions...broke even for today, oh well. System signaled entry for long and then exit to short the fall...got the long, missed the short. grrr.

Soon enough the big players and fund managers will be back from vacation and volume will pick up. Today volume was terribly low.
 
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