fast trader7
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Market is still going up. Unbelievable. Vodafone is pushing the market up
Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders
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Geofract
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Long USD/CAD @ 1.08816 - stop @ 1.08600 - I may be punished for this- demo trade btw, as learning new strat.
Target is 1.0963, presuming I don't get stopped out!
Whats the new strat? :smart:
I'm assuming you're looking for that 50% retracement from 22nd highs? You've got the bottom of that channel now to hopefully provide some support - massive counter trend trade, but then that 50% retracement overnight from yesterdays high was beautiful.
kaisen
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Hey Lapster, I know what you mean! I have wrestled with this "mind set" and looked at all the great longs we could have had but having rationalised things and now hopefully being a bit more "balanced" I still conclude that it is very difficult mentally to go long.
If the market keeps going up it will be 10 days on the bounce.
All indicators scream over bought.
Earnings are only "looking good" due to cost cuttings with will lead to problems down the road.
The more it goes up the more you feel like you will be the last sucker to enter on a "last fool in" trade.
Mentally this is tough.
I feel your pain my friend but if we are going to short we need to know our time frame and target. When the retracement ·trend" does happen (goodness knows when) we need to be ready but we need the signs and everything in place before the main trend turns around.
This thing seems to have the turning cirlce of the titanic. Hopefully the ice berg is not too far away though.
wallstreet1928
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thank you very much Mr market ..............
closed @ R1 4595 .......50 points!!
i am now looking to short this market
I am now short @ R1 4595 ...stop loss using my 50 point profit = 4645
target 4550
Hey Lapster, I know what you mean! I have wrestled with this "mind set" and looked at all the great longs we could have had but having rationalised things and now hopefully being a bit more "balanced" I still conclude that it is very difficult mentally to go long.
If the market keeps going up it will be 10 days on the bounce.
All indicators scream over bought.
Earnings are only "looking good" due to cost cuttings with will lead to problems down the road.
The more it goes up the more you feel like you will be the last sucker to enter on a "last fool in" trade.
Mentally this is tough.
I feel your pain my friend but if we are going to short we need to know our time frame and target. When the retracement ·trend" does happen (goodness knows when) we need to be ready but we need the signs and everything in place before the main trend turns around.
This thing seems to have the turning cirlce of the titanic. Hopefully the ice berg is not too far away though.
This whole week has been an abject lesson in what someone here on this forum taught me about trading with trends - getting ready to short is fine, but then you miss the opportunity intraday of trading with this movement. Regardless of levels, price action can show you direction - and it has only been one way (scarily one way).
If I had been doing this properly according to my method for only two days of the last eight days - if I had been doing it mechanically and consistently this would have been my best week ever.
Can this go on rising forever without a serious pullback? It certainly seems that way at the moment. Or are we in a classic case of loads of people being short this market and it will keep rising until all those shorts have capitulated, and then we will see a serious pullback, just as everyone goes long. I know this is not very technical but i am shell shocked by this market. Lost loads of points yesterday trading against the market, made most of it back overnight as a short eventually paid off. Just perplexed now.....
wallstreet1928
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I am also short Marks and spencer 338 .........stop loss 343
target 333
target 333
I was typing and didn't even see the move! I was long from '63, closed @ 4593 - nice +30
Great analysis WS - if, as I said earlier, I had only been buying @ 4340 not shorting the open down to it. This would have preempted my normal buy signal by 20 points.
wallstreet1928
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Short at 4595. 20 SL.
Speculative but lets see. Hoping for a surprise GDP figures contraction of more than -0.3 and European Manufacturing sentiment to dive along with those Michigan figures.
yes that is why I have gone short also ...............
it should be the catalyst
kaisen
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****waits patiently for a DB quip regarding shorts and Marks & Spencers****
Geofract
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Stopped out, and deservedly so!!
I have a 1h bias change to go long, which still remains in force, but was too early to the party, if indeed there is a party! A break below yesterdays low scraps the whole theory as well! I was try to pick the 61.8 retrace of last nights move.
The strat is one of PNs, though he would look for 4h bias change - so I was being a bit cheeky!
I am better to wait for a reversal to prove itself, instead of jumping the gun!! Stupid
Hey WS you called this perfectly this morning.
Yes, he did!
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