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Trade what you see NOT what you expect

  • #2,821
  • Mar 18, 2009 10:32am Mar 18, 2009 10:32am
Quoting eohater
Cool!

Some would say the next bus stop for shorts would be around 399x.
This is too much fun!
Just digging in the trenches like everyone else!
  • #2,822
  • Mar 18, 2009 10:32am Mar 18, 2009 10:32am
Quoting eohater
Do you mean a reversal to go back long?
Yes, in this case. Typically when I've seen reversals it would drop down through the 35 and then poke through past the 50. Now in this case we're looking at the 50 being above the 35 and she's dropping down into it.
  • #2,823
  • Mar 18, 2009 10:33am Mar 18, 2009 10:33am
Quoting eohater
This is too much fun!
Ain't it the truth?!!!!!
Hi, my name is Barry and you can keep your doctor...
  • #2,824
  • Mar 18, 2009 10:34am Mar 18, 2009 10:34am
Quoting eohater
This is too much fun!
Can I get on the bus when it comes back around the block?
Please ask questions and share your experiences with us all!
  • #2,825
  • Mar 18, 2009 10:35am Mar 18, 2009 10:35am
Quoting cisco
She's stalling on yesterday's lows.

C'mon girl!
I'm there with you on that! Being that we FOMC today, we've seen in the past how she can move over 200 pips in 15m before. Could today be the same? Could we range up until the news release then squaring of positions, SL being hit and new positions send her haywire? Possibly could. I would recommend to those that have positions opened, to move your SL to more than +3, should you be green. Slippage during these times are inevitable, I would hate to see a green SL be turned red because of the fast move. Even with my broker, I see slippage during rapid movements. Before I head to lunch my remaining position will be moved to +10 SL.
Just digging in the trenches like everyone else!
  • #2,826
  • Mar 18, 2009 10:36am Mar 18, 2009 10:36am
Quoting eohater
That's why I said 399x. Anywere in that range for a new short position would have been good. 20 sould have come off it by now and covered on the rest should take place if you got in around 399x.
I got in at 3986, took profit at 3968 knowing that was support from earlier and locked at +2.

Looks like lunch time and will check back after the FOMC and see how she bounces.

HOLLA
  • #2,827
  • Mar 18, 2009 10:38am Mar 18, 2009 10:38am
Quoting nyjetfan
Yes, in this case. Typically when I've seen reversals it would drop down through the 35 and then poke through past the 50. Now in this case we're looking at the 50 being above the 35 and she's dropping down into it.
I see what your talking about. The great cross and close and reverse order. I'm not sure today I would be willing to play that trade setup. The 50ema and 35sma are spread apart. We're ranging in this time hole. When she breaks, she's going to break. Now, if you do decide to play it with you SL at 35 from your entry. I would probably play a reverse order at your SL price to put you in the market the direction she's moving.
Just digging in the trenches like everyone else!
  • #2,828
  • Mar 18, 2009 10:38am Mar 18, 2009 10:38am
Quoting Turtle
I got in at 3986, took profit at 3968 knowing that was support from earlier and locked at +2.

Looks like lunch time and will check back after the FOMC and see how she bounces.

HOLLA
Good job bro! Glad someone caught the entry!

Does everyone understand why I said 399x would be a nice entry for new shorts earlier?
Just digging in the trenches like everyone else!
  • #2,829
  • Mar 18, 2009 10:39am Mar 18, 2009 10:39am
Quoting bkg102665
Can I get on the bus when it comes back around the block?
You can try, but I'm not sure we're going to see that price again. This next 20m will show what is to come.
Just digging in the trenches like everyone else!
  • #2,830
  • Mar 18, 2009 10:40am Mar 18, 2009 10:40am
I've taken more profit off at 3963. Keeping the rest covered at +5 now.
Just digging in the trenches like everyone else!
  • #2,831
  • Mar 18, 2009 10:41am Mar 18, 2009 10:41am
Can she close below the m15 21ema? If she doesn't, then I think I'll pull out.
Hi, my name is Barry and you can keep your doctor...
  • #2,832
  • Mar 18, 2009 10:42am Mar 18, 2009 10:42am
Quoting eohater
I see what your talking about. The great cross and close and reverse order. I'm not sure today I would be willing to play that trade setup. The 50ema and 35sma are spread apart. We're ranging in this time hole. When she breaks, she's going to break. Now, if you do decide to play it with you SL at 35 from your entry. I would probably play a reverse order at your SL price to put you in the market the direction she's moving.
Yup, that's what I was talking about - I'm square/flat at the moment, and with FOMC and meetings all afternoon, I won't be able to keep an eye on things for the rest of the day. Anyway, by my calculations I've gotten more than my 50 for today (and I think I got most of tomorrow covered as well) so I'm good.

Great trading today everyone and I'll catch you all tomorrow.
  • #2,833
  • Mar 18, 2009 10:43am Mar 18, 2009 10:43am
Quoting cisco
Can she close below the m15 21ema? If she doesn't, then I think I'll pull out.
Is that a hammer I see forming on the m15? I wouldn't blame you for pulling out should we not close under the 21ema.
Just digging in the trenches like everyone else!
  • #2,834
  • Mar 18, 2009 10:43am Mar 18, 2009 10:43am
Quoting nyjetfan
Yup, that's what I was talking about - I'm square/flat at the moment, and with FOMC and meetings all afternoon, I won't be able to keep an eye on things for the rest of the day. Anyway, by my calculations I've gotten more than my 50 for today (and I think I got most of tomorrow covered as well) so I'm good.

Great trading today everyone and I'll catch you all tomorrow.
Great job today bro! Your goal has been hit with gravy! See you tomorrow!
Just digging in the trenches like everyone else!
  • #2,835
  • Mar 18, 2009 10:44am Mar 18, 2009 10:44am
Quoting eohater
Good job bro! Glad someone caught the entry!

Does everyone understand why I said 399x would be a nice entry for new shorts earlier?
I'd have to guess either its a number pulled from some bodily cavity, or maybe something to do with prior PA, or a combination of the above..
  • #2,836
  • Mar 18, 2009 10:45am Mar 18, 2009 10:45am
Quoting nyjetfan
Great trading today everyone and I'll catch you all tomorrow.
great trading ny and thank you for putting the pdf file together. I've printed it out
  • #2,837
  • Mar 18, 2009 10:47am Mar 18, 2009 10:47am
Quoting nyjetfan
I'd have to guess either its a number pulled from some bodily cavity, or maybe something to do with prior PA, or a combination of the above..
Let's go with the prior PA.
Just digging in the trenches like everyone else!
  • #2,838
  • Mar 18, 2009 10:47am Mar 18, 2009 10:47am
Quoting eohater
I see what your talking about. The great cross and close and reverse order. I'm not sure today I would be willing to play that trade setup. The 50ema and 35sma are spread apart. We're ranging in this time hole. When she breaks, she's going to break. Now, if you do decide to play it with you SL at 35 from your entry. I would probably play a reverse order at your SL price to put you in the market the direction she's moving.
Damn, I had time to see this trade through and it'd be up about 25 at the moment. Good news though, another pickup at 399x might be available for anyone interested. I'm out now - time for lunch and then some meetings. Will try to work in some unrelated references to price action, pin candles and such for my own entertainment. My boss usually doesn't invite me to these, I'm starting to think its me..
  • #2,839
  • Mar 18, 2009 10:47am Mar 18, 2009 10:47am
Can you say 'range trading time,' boys and girls?

I think it's time for an extended early lunch
Hi, my name is Barry and you can keep your doctor...
  • #2,840
  • Mar 18, 2009 10:48am Mar 18, 2009 10:48am
Quoting ezodisy
great trading ny and thank you for putting the pdf file together. I've printed it out
EZO - I'd be happy to make any updates, edits or elaborations based on your feedback (and this offer is good for anyone else as well). I hope others are finding the PDF useful, as I can say the process and research putting it together was beneficial for my learning.
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