Traders afraid of missing the long side trade got a torture test today.
Those who averaged all the way down from 38.75 (the demon) need a refresher course I think.
[11:54] E: best idea today was this needed to be measured by the total bounce
[08:34] E: and was 42 significant?
[08:35] Lindy C: yes
[08:35] E: from a thinking trader’s perspective, why?
Too Many Teardrops…
The question mark for the mystery move left many uncertain traders thinking about buy, buy buy.
What was the real question that needed to be asked today?
Today was a tricky day, but it made no sense to try the long in nosebleed territory.
Not based on today’s spurious range, but also by the total measure.
We had bounced 80+ points, and we felt a more reasonable approach was try for the gap and then some.
Overnight the gravy was breaking 32.5, which we had as an important test.
We used that for resistance at the open.
[11:28] E: and if u made $ this morning
[11:28] E: can take the contra if want to
[11:29] E: using 1312 for support
Bama all over the midnight train that left for Georgia
[16:00] E: what was marker?
Quick Review of today’s most important lesson:
- [15:02] E: just a beautiful trap all the pb buyers
- [15:57] E: if today doesn’t teach u the value of using stops and not averaging in, nothing will
- [08:36] E: we can go to any hi or low today
- [09:34] E: 26 longs better have plan to take stop out
- [12:48] E: remember friday’s “above 12 still support?
[16:30] E: Bus trip poll (we ran earlier in day)
[16:30] E: easy to run overnight
[16:31] E: where u think u are going without me, back up the bus, driver
[16:31] E: scene of the crime revisited
[16:31] E: other = all of the above
My answer = all of the above.
[16:01] Lindy C: 1298.75
98.5 tested in globex
Tear Drops, and the message of the music. We can’t.
I sit in my room looking out at the rain.
My tears are like crystals, they cover my window pane.
I’m thinking of our lost romance,
And how it should have been.
Oh, if we only could start over again.