Trading to win using the Secret Code of the Illuminati

Required Reading

I was running a chat room today, and a fellow trader asked me how to interpret the PPI results

E: I dont know

FT: Should we go long or short?

E: Short. I said that 10 minutes ago.

FT: TV says this should be ok

E: Ok, then u can go long if you want to.

FT: Dang my stop was hit

E: Sorry

FT: Aren’t you listening to TV?

E: Nope

FT: CNBC, Bloomberg?

E: Nope

E: I like it quiet, no talking heads messing with me.

FT: Dang, another long didn’t work. You said keep shorting, for how long?

E: ‘Til it stops working.

FT: I just grabbed a point long!

E: Way to go!

FT: Looks like we are going to close on the low

E: Yes. Hit my target, can I go home now?

FT: Yes, hours ago you said it would hit this target. Seriously, no TV?

E: No TV during trading hours. I just try to read the tape and keep it simple.

FT: “Read the tape”? What’s that?

E: I just anticipate price action. Did you take my 73 Stop for short premarket?

FT: No. I was chicken. My natural instinct is to keep expecting it to go higher when the price is up.

E: Ok. Were my calls reasonable?

FT: Yes, almost to the tick.

E: So I guess I don’t need TV?

FT: (silence)

E: Ok Have a good eveniing.

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