Common sense is not so common.
Twitter was actually very helpful today. While many traders had the long is strong and short is wrong mentality, Mr Market had other ideas.
I felt too much complacency had stepped in.
E: RT @mctweet770: RT @e in a hurry ? #EMWS < well, I’m not getting any younger/ what if u weren’t getting older? #EMWS
[08:25]E: we need back and fill [08:33] E: i think we need to test 08 [09:31] E: hit bounce for scalp today after first few mins #EMWS
A strong case could be made for “momentum trading so close your eyes and buy it until it doesn’t work anymore”.
[08:35] E: if u take long side, just keep tight stop [08:35] E: cuz in pb today we can test any of the support legs, step by step
Mirror Mirror, on the wall, who is the fairest of them all?
I laid out the case for this being a tedious day, without a plunge expected. At best, sideways to small pull back day.
Today’s mirror move came late, near 3:30. Longs who were aggressive gave up the trailers and hailers, and the target of 08 was a minimal test I expected, and the 06.25 as a logical follow through test.
Deep test we had at 03.25, and assumed that was a safe stop today.
[09:39] E: and i expect if u buy today the high could already be in #EMWS [09:40] E: currently the 1406.25 = xx [15:56] E: bingo at 6.25
30 minute chart was monitored, then the 15 globex late day.
My wife and I enjoyed a night out to see “Fiddler on the Roof” last night.
I am not Jewish, so I thought it might be helpful today to google it and delve into the symbolism.
Here is what the main character in the play, Tevye, has to say:
“Every one of us is a fiddler on the roof, trying to scratch out a pleasant, simple tune without breaking his neck.”
In other words, life is a balancing act; a precarious journey filled with challenges (like that of a fiddler trying to stay perched atop the roof), but also containing a share of pleasure and happiness.
The traditional Jewish music played by the fiddler serves to remind Tevye of his belief that it is “Tradition” that allows him to maintain his balance. However, the changing world in which Tevye finds himself makes it almost impossible for him to continue to do things according to “Tradition.”
Sounds about right to me.
Resistance at the open. [09:10] E: 16.25 is the xx resistance.
The smaller swings and timing we guessed right, and usually if we have the correct sequence, those smaller swings fall into place. We assumed we could range trade either side, but probably not both effectively. Hit and run type trading, a few points at a time.
[08:27] E: hit and run short is an idea based on fantasy and common sense only [08:32] E: that’s why i think too far too fast #EMWS
Just me fiddlin’ on the roof…, while watching some windows being washed.