Cesarnc's market talk, gossips, rumours & fun

@Cohen getting "re-assigned"

The financial market is cracking down from the indexes to the staff. Soon it will be the doorman getting his ass fired for allowing people with no money to enter the building to borrow some cash

Thanks Ash. I'm mostly swing trading with trades usually lasting anywhere from 2-20 days. (That's a wide range I know). I take multiple positions and limit all positions to 3% of account balance (leveraged 50:1). I'm more than happy to hear any of your opinions on if this is an appropriate amount of risk to avoid being "wiped out". You may want to PM me as this is starting to get off topic. But I do appreciate the advice.

It's good to hear that you're a long term trader. BWR, myself and others also trade on higher tf's.

What system do you use? EMA's or naked charts? I don't think Cesar and others would mind speaking on this subject along iwth money management.

S&P keeps on making bad calls and soon they'll be needing money.

They fired a bullish strategist and hired a bearish strategist. They went from I would buy this and that to I would sell this and that. God these jobs must be easy.

http://l.yimg.com/us.yimg.com/i/us/n...rs_logo_94.png

Gallows humor, realtor greet Bear's stunned staff

By Kristina Cooke 12 minutes ago


Shocked Bear Stearns (BSC.N) employees trudged into work Monday morning desperately seeking clarity on their futures.
The fact that the first person they met on entering their headquarters in midtown Manhattan was a salesman hawking cheaper apartments did little to lift their mood -- an ironic twist, perhaps, given that it was risky speculation in the housing market that got the bank into trouble in the first place.
"I've been at Bear for 11 years and I want to vomit," said a Bear Stearns employee, who described himself as a partner, as he entered the striking seven-year-old octagonal building two blocks from Grand Central Terminal.
To add insult to injury, someone had taped a $2 bill to the revolving glass doors at the 46th and Vanderbilt Avenue entrance -- some gallows humor on the bargain-basement $2-a share price JPMorgan Chase (JPM.N) paid for Bear Stearns.
"Where is the $2 bill?" joked one employee, "I might need that tomorrow!"
At the Madison Avenue entrance, Ray Schmitz, a Realtor with Coldwell Banker, was betting that with the value of their stock options in tatters, Bear's employees might soon be looking to trade their luxury homes for something a little easier on the budget.
"You have to go where the business is," Schmitz said as he handed out business cards. "A lot of these people are going to lose their jobs, and most of their wealth will have been in share options. They're soon going to be looking for a cheaper place to live."
FEAR
But generally, the mood was somber as employees arrived at work. The fear of job losses among bankers, traders and other staff comes as Wall Street grapples with a deepening credit crisis and the threat of recession in the United States grips financial institutions.
"It's an awful day, everyone is really upset," one employee said.
Street vendor Hassan El Ashkar, who sells coffee and bagels outside the bank's Manhattan headquarters, had his morning rush at 6 a.m., much earlier than usual.
"Of course I am worried," he said. "These are my customers. My customers came earlier than usual today, to see what's going on. They're all worried about their jobs."
Bear Stearns, roughly 30 percent-owned by its staff and proud of its above-average level of inside ownership, employs 14,000 people.
JPMorgan is paying just $2 a share for the 85-year-old Bear, valuing the fifth-biggest U.S. investment bank at $236 million -- just 1/15th of its market value on Friday and way below its record share price of more than $172 last year.
The bailout punctuates an eight-month slide in Bear Stearns' fortunes as investors lost confidence in the smallest of the major securities houses and one known as an aggressive trader in credit and mortgage markets.
"It's going to be grim today. I don't know if I'll have a job at the end of today," said a Bear research assistant. "The price is crazy. Someone who'd won the lottery could have paid that price."
There was also anger and frustration at how the situation was handled. "I'm sad and I'm angry at my own senior management," said one employee.

NO PARACHUTES
To add insult to injury, Bear Stearns does not offer payouts, known as 'golden parachutes,' for executives in the event of it being taken over.
A Tokyo financial industry recruiter, who declined to be identified because of the sensitivity of the issue, said he knew firsthand of Bear Stearns employees looking to jump ship.
"We're already seeing people looking at moves from within that organization," he said.
Although the takeover means JPMorgan adds Bear's prime brokerage and asset management business to its franchise, it is likely to sell other parts of the business and many jobs could disappear.
In Asia, there was some relief that the bank had been rescued.
"It's not a bankruptcy, that's the good news, but JPMorgan is going to come out today and tell us what they think of us," the Singapore Bear Stearns employee said. "It's better to be out here in Asia than to be in New York."
In London, where Bear employs 1,500 staff in the financial district of Canary Wharf, some employees were less willing to speak, only confirming that they worked for the bank. One Bear Stearns employee, when asked for a reaction snapped: "You must be joking. What are you, a vulture? Get a life."

Reminds me of a latin quote: "quis custodiet ipsos custodes" - Who will guard the guards themselves?

cesarnc is also culture http://i2.photobucket.com/albums/y28...miley_rock.gif

That reminds me of a quote from a stoned surfer.

"I'm cultured like sour cream"

Man, this market is turning hilarious already - at least for those in the watch side of the story...

Even the headlines are deteriorating along with the markets...

Since mid-2007 they were something like that
"Fed must act to prevent from collapse"
"Fed pumps money into the markets to add liquidity"
"Fed pumps more money into the markets to add liquidity"
"Fed pumps more and more money into the markets to add liquidity"
"Fed cuts rates to easy the credit crunch"
"Fed cuts rates even more to easy the credit crunch"
"Fed cuts rates more and more to easy the credit crunch"

And today's headlines:
"Can the Federal Reserve really make a difference?"

Tres. Sec. Paulson "We have a strong $ Policy" when translated "We are quite happy with a weak $".

If nothing works to prevent the markets from crashing, at least those MONKEYS-IN-CHARGE will redefine the meaning of rhetoric...

Dow is +100

We should have a motto
Cesarnc's thread... providing you with WTF days since 2007

Just another crazy WTF day today... Futures -220 in the morning, now +100.

*Corrected
Bear is down 84%, last $ 4.84. JP Morgan doubled up already

It has been definitely one crazy WTF day

And crude traded in one hell of a range today $111.775 - $ $103.25

Hail Ceasar !

just been singing your praises in an odd sort of way - I rate you highly as a trader because:

When you lose you stomp and swear and get angry and sulk.

I like that because it means you are honest about your trading and your gains and your losses

A lot of people on the 'other' thread win 100% of the time in all market conditions and trade through the news successfully and are always in at the very bottom and out on the top pip. It's getting on my chubbies something rotten

So I have come here to watch you dudes for a while

The geat recession happened even before I was born so it's wonderful in a gory sort of way to be watching it happen. My Uk house sells in the next 2 weeks after which I will be 95% cash.

Cash will be king - even at 2%

In the great slump of the thirties they cut policemen's pay 25% and there was nothing they could do - cash was king and it is again- but this time they call it a 'liquidity crisis' which is word inflation but means no 'cash'

hail Caesar - let's vulturise the corpse of the bull market!

welcome - now go away!!!

not really - well done for selling your house, mine fell through last year and i'm stuck now trying to move to Aus without selling, that said the rent return is huge - so i'm not that upset.

NO BS on this thread -

Glad to see you here, finally you moved over from the dark side.

Yes, everyone, it is one of those "WTF" days. Too bad no one listened to me on Friday that Cable might be going bearish. People chasing the market. closed mine for 271.

I guess you could say I trade naked charts. At the end of each trading week, I forecast next week's expected weekly trading range for all the major pairs. The forecast is based off the last 20 weekly trading ranges. The forecast considers the slope of the 20-week trend, and the average weekly candlestick size. Once I have my forecast, I calculate the price that is 20% and 80% of the range. I then trade only in the direction of the 20-week slope trend and set my Limit Buy at the 20% line with a TP at the 80% line. It's pretty much a set and forget system. As soon as I TP a trade, I reset the trade by entering another trade at the original 20% line. (If it is a Sell limit, I set the sell limit at 80% and TP at 20%).

In a nutshell, I know next week's price should fluctuate within a certain range (my forecasted candle). If I can capture 60% of that candle move (80%-20%), I've got a nice trade.

I know this question is coming so I will answer it now. No, I do not use Stop Losses. I initially started this system with stop losses equi-distant from my entry point to my TP. I found that I was getting a lot of SL's too early. This system relies on my patience to allow the candle to establish itself. When I stopped using SL's, my system has been extrememly successful (granted, I'm only in my 6th week of doing this, so take that with a grain of salt). I suppose I could get killed if the US Dollar had some sort of MAJOR resetting, but I constantly examine my USD exposure and try to play currencies that allow my USD exposure to be fairly balanced. My system does have a "quasi-stop loss" as each week, I reset my 20% and 80% lines and adjust my TP as necessary. So if I am in a losing trade, the TP will be moved closer to the current price each week. This happened recently to me on the GBPUSD. I was short the currency on 19 Feb. I had about four weeks worth of resetting of my weekly forecasts. GBPUSD finally retraced to my new TP this morning, which resulted in a total of -450 pips.

I originally set all positions to 5% of capital (50:1 leverage), but got uncomfortable watching the unrealized P/L value moving around so fast. So I dropped it back to 3%. Again, feel free to comment here or through PM. I've been looking into Forex for about a year, and aggressively researching for about five months. Started live six weeks ago.