Dow 2009

LONG I have entered 6485...dont see much more downside..NO stop loss

Excellent Raised my stop loss to 6600 taking 115 point gains....will see how it goes from here.

Hopefully see a further push higher

Good luck

Bongo:clap:
 
VERY VERY good close on the Dow..IMHO...this is a great sign that the Dow could pick up from the selling of earlier.

Very happy with that 6485 Long!

Have a good weekend

Bongo
 
Closed my trade, didnt want to ride the weekend with that PnL +160pts very pleased.

Will try and re-enter Monday, but its drifting up, great trade Bongo
 
Due a bounce?

Sometimes it all makes perfect sense:

DJI.gif
 
Don't be fooled by any bounce for the next 2 years.... its all going downhill.

Don't worry, I wasn't planning on being long for that long......

As far as I'm concerned, any rally is an opportunity to go short at a better price. But I did close all my shorts when price hit the lower trendline on Friday. Previous bounces have been pretty fast and furious.
 
If you think about markets in the following way.

PAIN

Who is being caused pain at all the critical levels ?
Bull traps and Bear traps at every significant level.
The big boys simply mop up all the actions...regardless of where price goes.
Triggering stops and inflicting pain is the biggest game in town...70% minimum of price action is within or just beyond the ranges.
The lower the time frames traded and the more pain you suffer.

To scalp is the highest order of skill without a doubt and therefore the most difficult...it shows mastery of understanding how the markets work.

Patiently waiting for the intraday nonsense to play itself out...then give the pre- signal clues as to how price will break out.

If you want to make the big bucks...learn patience and discipline.

Dr.Joe doc was supplied by NINE in another thread .....i doubt we will ever know who the student was.
 

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As it stands now the crash of 2008 has been worse than that of 1929. A frightening statistic shows that after 513 calendar days the S&P 500 is down 56 percent while the Dow is off 53 percent. By the same 513 days in 1931 the S&P was down 49 percent and the Dow was off by 56 percent. The current decline has accelerated to catch up with the historical decline.

The Emini is down 58% since October 2007. How about a decent bear market rally? During the last bear market, 2001 to 2003, the rallies were preceded by some strength in the Commitment of Traders data - bullish divergences.

In this week's Commitment of Traders numbers the Professionals continue to be heavily short, in fact, they have added to their short positions. They increased their net Short positions from -11.0% to -12.6% of total open interest.
The SP (large contract) Professionals are still more bearish than the ES (mini contract) Professionals. Back testing shows the SP Professionals are a more reliable indicator of market direction.
 
Lively thread today - lol.

I was expecting to test the low today, but we didn't quite reach it. So will be interesting to see what happens tomorrow.

I was short intraday today, but I am flat now and will wait to see what set up occurs tomorrow.
 
looks like 6 850 it will be too dificult for now......i think we going for retest 6 400
 
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