Dow 2007

FW, agree with that, I've been caught out a few times, managed to get some of that though, but not prepared to what as it cannot be quantified as I concentrated on trading rather than posting the trade.
 
mark twain uk said:
Hi folks,

I just went short on dow, spx and dax, all cash, I will add if there is a spike up at 7pm, when the fed minutes are released, and after that I will be in the hands of gods, either there will be a sharp reversal or we will see a trend day with at least another 50-100 points rally into the close.

Anybody else thinking what I'm thinking?

Edited: I actually got 13,541, 1521.1 and 7778, all cash.
Click to expand...

I managed to close the dow at 13,490 for +51 points, the other two moved too quickly back up, now waiting to see what happens next
 
Dinos said:
Tricks, how did you handle your deliberations earlier regarding the +57??[/QUOT

Hi Robert,

Closed out at 492 on trailing stop loss = +38. Unfortunately I had to go out on business, and frankly I would have taken another short near to 560, but I wasn't around to take the position. Currently flat, I wouldn't trust going in either short or long at this precise moment, as we all know, the market is extremely unpredictable after the FOMC minutes. Having said that, if the price goes anywhere near back to 560, I'll be having a very twitchy finger hovering on the sell button!!!!!!!

cheers - tricks

P.S. Same old story, should have taken the +57, and I also had +65 pips on the table before I went out. Still, happy to take +38. As I post, I can see this going back up to the 560 area and more?
Click to expand...
 
Volume & price

Joules MM1 said:
so, then, the question may be; in foresight; what is the context? ........the volume activity has to be read in context of the price action and the two do not always paint the same picture and as such one cannot say categorially that volume then supports or confirms the price interpretation and by that, I mean, if the price interpretation gives you one message then you are likely to bias your reading of the volume to suit that first interpretation........afterall, reading volume by itself, what would reading the volume without price tell you? Think about that.

I am not posturing upon your comments, I am offering a path of thought, a question, if you like.

good hunting

mm1
Click to expand...

Frankly I don't know why you deleted your post Joules, as I think you do ask some good questions. Anyway...

About volume: you're right it doesn't necessarily have to confirm or support price action. In today's action on DOW it did. Seeing volume rise on the upmove is healthy imo.

If for instance, I see price break out of a range and go higher and break the resistance level, than I would like to see volume go along with that. If not, it could signal a red flag and a reason not to enter that trade. I disagree that one's bias of reading the volume depends on what one wants to see from price. Volume follows price, not the opposite way around.

Reading volume without price wouldn't tell me much. Price is my primary indicator, I consider volume as a surplus. I don't need it, although it has helped me in determining potential buying or selling climaxes.

Feel free to correct me in case you think otherwise.

Good trading,
fw
 
tricks said:
Dinos said:
Tricks, how did you handle your deliberations earlier regarding the +57??[/QUOT

Hi Robert,

Closed out at 492 on trailing stop loss = +38. Unfortunately I had to go out on business, and frankly I would have taken another short near to 560, but I wasn't around to take the position. Currently flat, I wouldn't trust going in either short or long at this precise moment, as we all know, the market is extremely unpredictable after the FOMC minutes. Having said that, if the price goes anywhere near back to 560, I'll be having a very twitchy finger hovering on the sell button!!!!!!!

cheers - tricks

P.S. Same old story, should have taken the +57, and I also had +65 pips on the table before I went out. Still, happy to take +38. As I post, I can see this going back up to the 560 area and more?
Click to expand...

Well well,

Pity I didn't have the 'nerve' to trade it!
Click to expand...
 
now is the crunch, I added to my spx and dax shorts and re-opened the dow short 13,570, here it is to an 8:00 sell off.
 
mark twain uk said:
now is the crunch, I added to my spx and dax shorts and re-opened the dow short 13,570, here it is to an 8:00 sell off.
Click to expand...

dax broke 7800... 8000 here we come

YM is at resistance now, so I would consider a short there, but consider today's strength I'm not going to do it, because I think there's less potential
 
firewalker99 said:
dax broke 7800... 8000 here we come

YM is at resistance now, so I would consider a short there, but consider today's strength I'm not going to do it, because I think there's less potential
Click to expand...

...'fundamentals' probably don't support 8000 - but then again, markets defy any logic nowadays :)
 
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