bonsai said:
Moning bonsai, another lovely summers day and if its going to be quiet then why not pop along to Google and type in market maker or
http://www.sec.gov/answers/mktmaker.htm
http://www.investorwords.com/cgi-bin/getword.cgi?2977
No more excuses for getting it wrong then ?
Bonsai,
I usually use EW to determine where we're going and to be honest with you I'm not too happy about the counts. NDX and compx new highs. Dow looking choppy and FTSE correction has gone past 0.618 (only by a small amount admitteldy).
I think there's a little more upside before we resume a new downtrend, but I think it's limited. So, I'm happy sitting on the sidelines.
Plus I've got some new books to read.
I usually use EW to determine where we're going and to be honest with you I'm not too happy about the counts. NDX and compx new highs. Dow looking choppy and FTSE correction has gone past 0.618 (only by a small amount admitteldy).
I think there's a little more upside before we resume a new downtrend, but I think it's limited. So, I'm happy sitting on the sidelines.
Plus I've got some new books to read.
As my macd is pointing down, both trades this morning
where counter to my trading trend.
the first was just a case of catching the sb at his own game
but the second was based on market action.
which I think, emphasises my post the other day, that indicators
are only useful when they confirm market action. otherwise they
are worse than useless. (John Piper)
where counter to my trading trend.
the first was just a case of catching the sb at his own game
but the second was based on market action.
which I think, emphasises my post the other day, that indicators
are only useful when they confirm market action. otherwise they
are worse than useless. (John Piper)
reactor
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the day looked good for me until the US opened! +10.5 it's good for my first trade since i got hit big last week. hopefully i will find some more opportunities tomorrow.
i've attached the execution statement.
i hope no one was caught out too bad with the US opening!
i've attached the execution statement.
i hope no one was caught out too bad with the US opening!
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Nice one reactor, and may you have many more of them! It's also great to see that you've not lost the knack :cheesy:
reactor
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thanks skimbleshanks! i hope your trading is going well!
cheers bonsai! after yesterdays incredible rally and todays retracement after hitting the high, it does look topped out. i have a trend line from 11/7/03, which has been breached, and looks like the market is going to go sideways. if there is further good economic news out this week it could push up further, but the huge retracement when the US opened today is putting big doubts in my mind about a further advancement.
boy, the big hit was when i made huge losses on two trades last week adding to 49 points.
cheers bonsai! after yesterdays incredible rally and todays retracement after hitting the high, it does look topped out. i have a trend line from 11/7/03, which has been breached, and looks like the market is going to go sideways. if there is further good economic news out this week it could push up further, but the huge retracement when the US opened today is putting big doubts in my mind about a further advancement.
boy, the big hit was when i made huge losses on two trades last week adding to 49 points.
barjon
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Bonsai,
Be interested to see your winners/losers chart this evening
since ftse 12 was very weak (4W, 5L, 1 even with some heavy losers AZN -3.9%, GSK - 3%, both BP & SHLL - over 1.5%). Any closing divergence would be interesting.
A good day for candlestick indicators on Yahoo chart (although might be to do with the odd interval they use) with a nice shooting star getting you out of longs some 10 minutes before DOW opened.
Hope everyone had a good day, I was playing golf - it weren't 'arf 'ot mum!!
good trading
jon
Be interested to see your winners/losers chart this evening
since ftse 12 was very weak (4W, 5L, 1 even with some heavy losers AZN -3.9%, GSK - 3%, both BP & SHLL - over 1.5%). Any closing divergence would be interesting.
A good day for candlestick indicators on Yahoo chart (although might be to do with the odd interval they use) with a nice shooting star getting you out of longs some 10 minutes before DOW opened.
Hope everyone had a good day, I was playing golf - it weren't 'arf 'ot mum!!
good trading
jon
ugh ! Not the best of days ?
Ftse didnt know where to go today.
We are now faced with a potential double top and
a really good snake trade which might be worth holding open for
an hour or so to see how things develop.
But the internals were looking better as the day pogressed.
So the fall may just be an attempt to shake out some weak bulls.
As always, the choice is ours.
(The MACD was simply unwinding an overbought position from
yesterday but nevertheless gave a nice divergence confirmation
to the snake)
Ftse didnt know where to go today.
We are now faced with a potential double top and
a really good snake trade which might be worth holding open for
an hour or so to see how things develop.
But the internals were looking better as the day pogressed.
So the fall may just be an attempt to shake out some weak bulls.
As always, the choice is ours.
(The MACD was simply unwinding an overbought position from
yesterday but nevertheless gave a nice divergence confirmation
to the snake)
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barjon
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Bonsai,
Thought W/L might look a bit like that in view of heavy weakness in ftse 12 (my previous post). I'll feel a bit more comfortable on the long side in the morning (always assuming DOW behaves), but the story will unfold.
good trading
jon
Thought W/L might look a bit like that in view of heavy weakness in ftse 12 (my previous post). I'll feel a bit more comfortable on the long side in the morning (always assuming DOW behaves), but the story will unfold.
good trading
jon