My 10 cents
At least that is one of my core beliefs.
Act. React. Accept stop outs. Capture profits. Find high odds opportunities. Sense when the market is being protected (PPT). Stay out when there is no edge.
Simple concepts, but hard to execute.
Strange, this narrow range we have had all week. If I could hit a golf ball this straight, I could play any course.
Premarket gap play was a favorite of ours, and we felt there was no edge for the aggressive shorts at the open. We thought again that the long side was trying to squeeze the late, and aggressive shorts.
We moved the entry level back for the second attempt, to hopefully let the stop sweepers work, and assumed the 456 was in play.
“Gap is open, still available. If nine goes, test 25 and 23 possible, because it is the IB breakdown.”
Bingo, capture and be out by 23/22.
Lower targets were contemplated.
Sway is a great book; a key concept is to have some kind of mechanism to prevent self-destructive behavior.
My team was that mechanism for me today.
Resistance was decided, the idiot put back in his cage, and I reluctantly agreed our team made good sense. I called it the PPT supporting the market, and said if you buy, have profits. Some wanted the breakout for higher highs; I thought can’t we all just get along and compromise?
We really do have a great team of traders who share and help each other.
I suggested second entry for retesting the morning low, but be off by the low.
“There is a lot of that angel bar to work with”.
Lunch bounce coming… shorts relax.
Much discussion ensued about the conservative vs the gunslinger approach. When news comes out that affects the market, we can get violent action, then equally violent reaction. First time back testing the IB low, I felt better odds scalping short as profit taking should ensue.
Sideways action prevailed, with 32 set up as resistance, and the 34 back up as that was the demon.
Partial targets selected along the way for the 25 test.
Each trader has to establish our own guidelines, comfort level, risk tolerance.
Most importantly, fight the urge to guess tops or bottoms. Our rules allow for entry within a point higher or lower than a previous low or high. “Marginal edges.”
With a narrow range week, the market could easily break lower, but today it did not.
Congrats to experienced longs like 777 who gambled and won. That is the art of trading; finding entry zones with minimal risk of a few points for a stop.
Lots of opportunity both sides, and conservative traders did quite well with negligible risk as well.
My kind of trading.
TS : So we went with a classic: You Send Me by Sam Cooke on @Grooveshark: http://tinysong.com/F4E9
@eminiwizard No ours was September 9. Great song you picked E
RT @BamaTrader: @eminiwizard Good night E-wiz. Have a good one. #EMWS / Good Morning Bama Nam http://youtu.be/Y8gndbh4ZMo
08:06 E: this is retest of that channel breakdown 33 test possible 08:06 E: use 34 stop area if shorting 08:57 E: gap done #EMWS
09:07 E: since market cannot move up without trapping shorts 09:07 E: b careful overstaying 28 support #EMWS
08:23 E: flush eod was bogus i think 08:23 E: trap shorts today #EMWS
Yeeron : RT 09:07 E: since market cannot move up without trapping shorts 09:07 E: b careful overstaying 28 support #EMWS
@yeeron thanks dave #EMWS
E: 08:28 Zeek411: 35.25 should b good resistance first test #EMWS
This is the story of my trading career thus far. Made it past the first runner after falling down. http://youtu.be/cM5A1K6TxxM
RT @Makro_Trader: God, what a boring week in the markets this is / is it open ? #EMWS
10:31 E: gap still open #EMWS
off 2nd piece by 30.5 #EMWS
out by 25 all but trail
23 to 22 targs still avail t1
and bo traders done with primary
10:56 E: ib low retested #EMWS
RT @eminiwizard: 10:56 E: ib low retested #EMWS / re entry trailers only past 25
i am willing to let guessers pick bottom…. happy with the bounce back re entry #EMWS
http://youtu.be/0wCIBXfJL-812:38 E: lol wac a mole E: can we go over how 32 key earlier again and how it flows in spreadsheets #EMWS
13:49 E: beauty of this day is both sides can make money #EMWS
RT @rossgreenspan: RT E:beauty of this day both sides can make money /what more can we ask of any day?/ty for rt wake up above ground? #EMWS
11:44 E: most traders cannot react 11:44 E: cannot turn on a dime 11:44 E: jeff cooper #EMWS
RT @rossgreenspan: @eminiwizard Good thing I didn’t rent the “garden” apartment. Of course, always thankful to be alive/agreed ty #EMWS
13:50 E: if u got the 32/25 great trade #EMWS
15:07 E: bears should not be afraid of hitting bounces 15:07 E: should be afraid of over staying #EMWS
RT @leithreas: @eminiwizard or smart guys make money on both sides. Not me though /we had discussion about that … not ez to do #EMWS
14:58 E: idea of accumulating capital is important #EMWS
Yeeron : RT @eminiwizard 15:07 E: bears should not be afraid of hitting bounces 15:07 E: should be afraid of over staying #EMWS knock ’em over & run
@yeeron thanks dave #EMWS
RT @zlmtb: @eminiwizard where’s dat wascally wabbit? #EMWS / wofl check the flash 15 bar traded inside it basically rest of day
@Cubs10 thanks for the rt cubbie sox 0-6 #EMWS
@CGinthehouse winners like u learn from every experience. we cannot experience joy without knowing pain. #EMWS
Words of wisdom for those times we need to reverse our thinking…