Mr De-o-luxe
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Should call this the misery thread. Re-adjust your charts set sail for bull land..Into the maelstrom with my trusty rug, i go.
Pat494 said:Not much of a bounce last night or this morning !
Could be significant ?
Like most things GKB, there are text book examples and then there is real life. A tidy volume pattern to accompany your candle pattern, is a nice bonus and goes some way to confirming what is actually going on, but virtually all proponents that I have read will say that for most patterns the volume component is not essential.GKB said:Oh boy was I wrong! H&S despite volume to the contrary. Perhaps volume is usual but not essential. Anyone got comments?
kriesau said:I've seen the phrase "trade what I see" used before and I still do not understand exactly what this means. If you literally trade what you see then you will go long if you see the index rising and short if you see it falling. But of course it can reverse in seconds.
This implies trading randomly with no plan, target or timeframe. This seems crazy to me so could you please explain exactly what "trading what I see" means and how you implement this !
I don't buy this at all - by the time you see the bus coming it's usually already too late and you've missed it ! This is knee-jerk trading. Also it represents almost instantaneous interpretation of what you see which can and does change from minute to minute.leovirgo said:Trade what I see TWIS means entering a position only after price confirmation has been observed rather than taking a pre emptive action based on chart, likelyhood of a news event or what market experts say so. Time frame and targets can be employed, in fact, should be set according to your own trading strategy and style. But it tells you not to wait for a bus unless you see it coming regardless of what the timetable says. It also applies to news impact- trade when there is some action in price... e.g, crude futures may go up or down but trade only when DOW reacts to it.. in summary it is a reactive style of trading with an open mindset.
Pat494 said:I've just grabbed a bit of short profit but may be a bit premature ?
Support at 10385 - 90 has proven to be quite strong today. There have been 5 tests of this level and so far it has held. If it subsequently breaks then I think that the move down will be quite sharp !kriesau said:Key level of support at 10385 - 90 being tested for the third time today.
If this can be breached then it should move down to test 10350 !
kriesau said:I don't buy this at all - by the time you see the bus coming it's usually already too late and you've missed it ! This is knee-jerk trading. Also it represents almost instantaneous interpretation of what you see which can and does change from minute to minute.
Another method of TWYS is to have a plan. If the Index moves up/down and crosses this threshhold then I'll go long/short either with a target of x or with a trailing stop of y away from the actual price.
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Finally broke 10385 at around 3.00pm and hit 10350 circa 20 minutes later !kriesau said:Support at 10385 - 90 has proven to be quite strong today. There have been 5 tests of this level and so far it has held. If it subsequently breaks then I think that the move down will be quite sharp !
john5000 said:Expectation of next major stopping point @ 250??
The Dow has dropped 320pts or 3% in 3 days ! We could see a rally before the next move down but I think that we will test 10200 fairly soon.john5000 said:Expectation of next major stopping point @ 250??
karmit said:a good chance to scalp a long before that....
john5000 said:Are you talking about a test of 350 or beyond it?