Dow has lost 900 pts in 4 weeks.
How are your shorts Racer ?
My open trades are Tuesdays Dow short from 10447 and todays day trade at 10200. Last weeks Nasdaq short at 1490 and todays day trade at 1430. With yesterdays 161 pt Dow day trade already banked it's been a great week.
Will the Dow break 10,000 next week - that is the question !
Good weekend everyone.
How are your shorts Racer ?
My open trades are Tuesdays Dow short from 10447 and todays day trade at 10200. Last weeks Nasdaq short at 1490 and todays day trade at 1430. With yesterdays 161 pt Dow day trade already banked it's been a great week.
Will the Dow break 10,000 next week - that is the question !
Good weekend everyone.
tradesmart
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Patently obvious from the daily chart what has brought on the severe attack of bearishness that we’re seeing now – the major trendline linking the March 03 7400 low with the October 04 9700 low has been breached, apparently decisively….
As is evident from previous lows in this view, RSI positive divergence usually signals when a bottom is in place, and sometimes CCI is divergent as well…
No sign of that yet of course as we’re not nearly there yet …….this is a major correction..imho
(in case you hadn't noticed.....
)
This guy's tips have been worthwhile in the past:-
As is evident from previous lows in this view, RSI positive divergence usually signals when a bottom is in place, and sometimes CCI is divergent as well…
No sign of that yet of course as we’re not nearly there yet …….this is a major correction..imho
(in case you hadn't noticed.....
)This guy's tips have been worthwhile in the past:-
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TWI
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Having been a frustrated short many times already this year it is very nice to be on this.
likely 10k will offer a psychological bounce.
Been a bit of a double top fest. It's already clear on daily and that then became one on weekly, if we close below 10k at the end of April then the monthly has also completed.
likely 10k will offer a psychological bounce.
Been a bit of a double top fest. It's already clear on daily and that then became one on weekly, if we close below 10k at the end of April then the monthly has also completed.
counter_violent
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RUDEBOY said:
RB, I'm happy to re-assess the situation on a daily basis, if I think we have reached a bottom, then i'll be quite happy to call it as I see it . Until that day comes then the market is a predominantly shorts only situation for me. From memory one of my earlier posts on the thread stated that the DOW had 9,700 written all over it. I'm more than happy to stand by that .
Fundamentally the U .S. is in a mess, the major technical ( resistances) are collapsing all around ..... how much evidence do we need ?
There is however a bright spot amongst all this doom and gloom ..............I'm on target to win the DOW comp for the second month running
sos could'nt resist
counter_violent
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Racer said:
Hi Racer,
Not sure what has happened, but it has something to do with the clocks change over . Hopefully Sharky can enlighten us all !
cheers counter
I confess to being a swing trader and prefer to hold positions for days or weeks.
Since when at the beginning of the year I held on to a Nasdaq buy position too long, I then neglected to go short when the NDX was at about 1540.
Finally going short at 1480+ , I have held on but eased back with a buy in at 1430 for half the stake.
Wrong decision as I should have protected with close stops at 1440 or lower.
But still profitable!
The reasons for doing all this is premised on the poor state of the US externally which had to finally hit home. My idea that Q1 reporting would result in more attention being paid to negative reports than to positive ones has been evidenced this week.
Next week there will be a bounce.
IMHO the rot will continue. We shall see.
Great for day traders.
Since when at the beginning of the year I held on to a Nasdaq buy position too long, I then neglected to go short when the NDX was at about 1540.
Finally going short at 1480+ , I have held on but eased back with a buy in at 1430 for half the stake.
Wrong decision as I should have protected with close stops at 1440 or lower.
But still profitable!
The reasons for doing all this is premised on the poor state of the US externally which had to finally hit home. My idea that Q1 reporting would result in more attention being paid to negative reports than to positive ones has been evidenced this week.
Next week there will be a bounce.
IMHO the rot will continue. We shall see.
Great for day traders.
Racer
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Doom, we're DOoooooooooooooooooommmmmmmmed
http://www.davecov.com/comedy/whispersfromwalmington/sounds/weredoomed.wav
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............................................................................................................................................................................Racer - I'm interested in your negative view of day trading. I'm primarily a swing trader too since you need to give the market time to develop it's direction but I also employ a day trading strategy occasionally ( when I have the time ) where a distinct trend seems to have developed and my existing swing trade is well into the money.Racer said:
Take this week for example. I have a swing short position currently open on the Dow at 10447 which I opened earlier in the week. Since I was around this week and saw the Dow trend developing I also made 7 day trades over the last 3 days. Of these 7, three were stopped out at a combined loss of 95 pts and three were closed out by me with a combined profit of 194 pts. My seventh day trade on Friday is still open and was 135 pts ahead when the futures markets closed at 9.45pm on Friday. My day trades this week therefore added at net gain of 234 pts to my existing short swing trade.
Now I would be the first to agree that it is easier to get it right when there is a strong and clearly defined movement up or down on the index but my view is that in such cases some tactical day trades can supplement the gains that are being accumulated on an open swing trade. Where there is not such a defined trend then day trades can quickly lose money. I think that the tactical use of day trades in this scenario can turbocharge the momentum that one is getting on an open swing position that is already well in the money. The key here appears to be to use trailing short stops to take you out quickly if the market temporarily moves against you ( like Tuesday evening after the release of the Fed minutes ).
I've only started spread trading about six months ago and assume that you have been doing this for a lot longer than I have so I would be interested in your experiences with day trades and why you found them to be such a loss making activity.
Racer
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............................................................................................................................................................................Racer said:
Don't quite see what your chart proves. On the example shown you would lose if you did alternately do a buy and sell trade. If you had bought when the market had opened you would have been stopped out later in the day. But if you had sold near the peak you would have been in the money.
It would be very difficult to make money on a day trade when the market does not show much volatility. As I said before I think that it can work when you are following an established trend and in particular where you already have an open swing trade that is in the money.
