03/11/2013 Live Update

[HenryR]

Chart suggests that today will be boring and tomorrow Tuesday too... But Wednesday's opening could be exciting

2.png

Gotta love it when TA and FA aligned.

[uempel]

lunch time, will be back. I see no sign of pullback, so guess this market won't pullback anymore.

Take a day off, visit your daughter at her school, go shopping with your wife, climb a hill mit your buddies, cross Niagara Falls on a tightrope. And early Wednesday be back on time

[Out of Bounds]

lunch time, will be back. I see no sign of pullback, so guess this market won't pullback anymore.

Take a day off, visit your daughter at her school, go shopping with your wife, climb a hill mit your buddies, cross Niagara Falls on a tightrope. And early Wednesday be back on time

If I see him on a tightrope, I am going to be pissed at you.

[MrMiyagi]

[Cobra]

lunch time, will be back. I see no sign of pullback, so guess this market won't pullback anymore.

Take a day off, visit your daughter at her school, go shopping with your wife, climb a hill mit your buddies, cross Niagara Falls on a tightrope. And early Wednesday be back on time

[Al_Dente]

716.png

WOW thanks for that one
[edit: the aapl and gdx one]

[Cobra]

mini pullback target. I think it'll touch ema20 blue line.

[uempel]

Chart suggests that today will be boring and tomorrow Tuesday too... But Wednesday's opening could be exciting

The attachment 2.png is no longer available

Gotta love it when TA and FA aligned.

Retail Sales 8:30 a.m. might be the pretense.

[uempel]

717.png

Nice, but it's hardly tradeable

[Cobra]

on the way to target. I'll have a meeting for about 30 to 60 min, talk you later.

[ClarkW]

who was asking about CORN over the weekend?

That was me. Big move today

[BullBear52x]

Here's the plan why stay bored. I meant wishful thinking

[quientuves]

on the way to target. I'll have a meeting for about 30 to 60 min, talk you later.

Going to publish your first book?

[uempel]

Bye guys, I'm off to do something more exciting than watching today's market action

[taggard]

[quote="Out of Bounds"]Well, I'm on the wrong side for sure - why oh why do I fight the trend?


for newbies--and NOT DISSING out of bounds but using his statement as jumping off point (which could either be true or a joke--although never a truer word than spoken in jest). this is just my opinion and stuff i encountered answering this question for myself.

i spent a lot of time with this issue. for one thing counter trend trading is fun. for another if you are really good--you can make it "work". the word work is in quotes because no matter how well it "works"-countertrend makes much less than trading the trend (given your leverage is equal). another personal problem i have is not liking crowds or groups of people--so it actually took a huge effort to force myself to join them. the worst part for me is major or minor tops--where i am positive they/we are about to be wrong. in my case it's an ego trip. and like some twisted 12 step type i still have issues with it but pretty much control them or chose to trade very small just for the fun. otherwise i wind up i a room full of nurds representing about their past (my name is harold and i totally short uptrends--hello harold etc). hint not as many gals in that room as there are % wise trading.

so what's the right way to go with this? i think al brooks' somewhat obvious (but never the less valid) idea is your best bet. that is if you are catching the trend--and you really want to scalp or counter trend trade--fine--control yourself and go ahead. if you are failing to capture the trend in the current time frame--you should hold off on the counter trend stuff. brooks didn't say this--by my personal take on this is that it's confusing to trade 2 directions at once. so you need to to establish your ability to go with the trend and have that say soak up 70% of your mental juice. then if you can handle it use the other 30 to look for ideal counter trend entries.

an ideal counter trend trade can happen when there is (1) A huge overshoot. (2) we are so far from mean (whatever you use--i use the monthly 20 ema with both a simple moving average and ema) that while you could be wrong--you are not likely to lose much if anything. you can scale that down to a 5 min. (3) an epic gap after say 3-4 fairly decent gaps in whatever time frame. (caution gapology is a science of it's own--the study of what something that is not there means--ease into it)

generally even on these trades you are looking to set up using smaller time frames or very very detailed look at your existing time frame. another way if you must counter trend--is trade a larger position in stock and hedge with options or futures.

the bottom line is when i knew nothing at all i oddly bot right before large trends--i have no idea how this happened. after i learned a fair amount i started getting far too cute and wasted time counter trend trading. it worked but in contrast to the with trend trades it worked poorly. now after facing this again and again--i am generally trend trading--although i am very open to trend reversals very close to or at the start--it's not counter trend as there is a clear signal.

if you are starting out--or unclear--or using a new method or tool to trade--focus on 2 things (1) what the trend is. (2) where we are in the trend. ideally you are trading large towards the start of the move--and much smaller near the end of the move. avoid being like i was and trying to make it happen--so i could go down to the 99cent taco stand and be all the man. later on you can do whatever you want. but easy does it starting out in my opinion. as always if you are not sure just keep records of your trades--before and after--your reasons--and your emotions. after 20-100 trades you will know 100x more than you do now about yourself--for a very small investment in time.

emotional hint--if the trade feels effortless and flows with the trend you should try to capture this feeling and watch very carefully what you did that caused it. often entering earlier or later in a trend is somewhat stressful--pay attention to that feeling and consider how to use it. any pro will hate going long after an extended trend--almost as much as beginners hate to buy the start of a trend. sigh. . life is so unfair

advantages to counter trend paper or smaller trades? is it will help you sharpen your timing. used this way there are benefits. and you can learn how to quickly scale using this should you actually get it right.

all that said it's getting very xtream on a monthly chart here. and i am sweating too much again.

Why must I feel like that?
Why must I chase the cat?
Nothin' but the dog in me
Nothin' but the dog in me
(pfunk)

[ClarkW]

who was asking about CORN over the weekend?

That was me. Big move today

She's a little extended on the hourly, 2 hour chart but will be interesting to see how she reacts to a pullback imo

[MrMiyagi]

for newbies--

There are newbies on this board

[Al_Dente]

who was asking about CORN over the weekend?

That was me. Big move today

Dang of course it was u
U always spot things early, no kidn’
Shite volume is thinner than a runway model
I’m not allowed to day-trade thin volume
If it tests the breakout or tests the low successfully, volume will pick up
Then I gotta skate to where the puck is
Luv u

[HenryR]

MeXMan and OutOfBounds are notoriously well known for counter trend trading.

I wish them nothing but the best. Luckily, I wasn't born with this special gene. Thank God!

[Out of Bounds]

MeXMan and OutOfBounds are notoriously well known for counter trend trading.

I wish them nothing but the best. Luckily, I wasn't born with this special gene. Thank God!

It's a curse. i make money but i make it harder.