firewalker

That second half of your chart strikes me very similar to the S&P index.

Interestingly, the S&P hasn't really lost that much when we compare it to other global markets: Oekraine (PFTS index) -73,05% Iceland (Iceland 15 index) -71,07% Servia (Belex 15 index) -68,5% Romania (BET index) -66,33% Bulgaria (Sofix index) -65,88% Russia (RTS index) -60,49% China (CSI 300 index) -59,13% Ireland (Irish Overall index) -58,83% India (Sensex 30 index) -55,07% Turkey (ISE 100 index) -53,85% Belgium (Bel 20 index) -49,09% South-Korea (kospi index) -48,97% Germany (Dax index) -44,31% France (CAC 40 index) -43,26% UK (FTSE 100 index) -43,03% Japan (Nikkei 225 index) -34,69% US (S&P 500 index) -33,61% Switzerland (Swiss index) -30,41%

and to think they were talking about $250 per barrel... http://www.marketwatch.com/News/Story/Story.aspx?guid={9037430D-34B8-4F2E-BF52-6C33A0B75BFB}&siteid=mktw

I thought you were all about maximizing exits... in that context, I see no reason to exit a short!

... it doesn't always move this straightforward. But when it does, it's very sweet. First: with the absence of any clear S/R I look at the overnight to see if there's anything special to be found. I just note these things, but don't necessarily use them. There was a congestion area that could provide resistance at the market open: As it turned out, it did. But what next? Again, if you exited everything at the first or second signal you would still be missing out on a huge move that came in the last hour of the day. Just compare the first two charts with the one that depicts the whole daily range: When price bounced off 963, there was no way to know price would eventually collapse much further, so I think it's very sensible to scale out there. In any case, you'd already made +40 points. Imho, anyone who sets targets of +5 points in these kind of market circumstances, is denying himself the opportunity of a much larger profit.

I don't mean to start an argument let alone disrupt jason's yournal, but if you take 3 points out of this market (yesterday hi-lo was about 100points) on a daily basis, then I think you're missing the point. Both yesterday, and Tuesday were trending days for as good as they get. For example: analysis of yesterday. Besides, what would be the risk:reward of a trade with 3 points target? Most definitely

we went through that like a knife through butter... price at 870 already! :shocked: I guess the logical place to find support is at the 2002 lows now.. the speed and angle that accompagnied this fall since last month is just amazing.

If you take the big picture account, it doesn't even look that bad... which perhaps is worrying, considering there's no signal of a reversal around the corner...

Yes you have to say it's not even showing signs of climactic action... At this rate we could even shoot past the 2002 lows. Who would've thought that, one month ago? I don't listen or read what others think usually, but this is an interesting observation, for everybody who considers himself a contrarian: http://www.marketwatch.com/news/story/bottom-still-come-says-one/story.aspx?guid=B344F30B-1D0E-4874-98ED-96602A1B4EC7&dist=SecMostRead

No one says it's illegal to enter on the smaller TF and exit on the larger... But no problem if you want to delete the thread.

no, no, that would have little purpose! e-minis...

Whilst you are going for the 5 minutes, I'm going for the 5 second chart believe it or not (yes I'm serious for a change... and I'm going to nail those entries!)

You never really deserved that no 1 spot in the first place! Blimey! I definitely don't deserve being only 4th

You going after the 5 minute chart? Never thought I'd believe my eyes! Will be paying attention closely

I do have a couple of questions, but they might not be as specific as you want them... Here's a daily chart of the NQ: I know you trade that market primarily, but that's not the main reason I chose it. There's something about it that seems to set it aside from the ES or DOW. The bear seemed asleep during July and also the second (?) bear leg was less steep and went not as deep as the first one. By the first week of August we broke out of the congestion and reached higher. It as a rally that lasted a good +150 points but after that it faltered and quickly broke the swing lows that we made on the way up. Volume was quiet and relatively low during July. The lows of that ranging area were also 100 points higher than the February lows. At that time both ES and DOW made lower lows in July and looked a lot more bearish than the NQ. Now if a trader were to focus solely on the NQ, wouldn't he have been inclined to think things were starting to look better? After all: (a) the decline that started on June 6 was slower and less steep then the previous one that ended in the February lows (b) there was no lower low in July © the congestion (springboard potentially?) that lasted throughout July could've been interpreted as accumulation (d) volume was low (reportedly 5-year low) during that month (e) we broke out of the range in August and so basically we made a higher low The worst 'damage' is done in the least amount of time in the final leg of the bear market but this market has already lost 40% since the high of last year... my second question is: I remember that you said last year there wasn't thàt much indications of distribution, yet that doesn't seem necessary to mark prices down fast & hard? Would it be wrong to conclude that, based on these observations, a new phase of mark-up would require a lot longer accumulation period?

Nice to see some new people! Hope you beat the crap out of wasp's strategy good luck!

You mean margin requirements?

You should come to the chat room more often and check out the traders who use <1pt stops

... usually gets smelly fingers But this has potential:

We've blown through that area faster & harder than expected... So would this 'box' be the next logical stop? Price made a pretty strong recovery today (premarket) at what one could see as the midpoint of the congestion from 5 years back.

Not claiming to call thé bottom, but here looks like a nice level to put this downtrend to an end... back to 2002: and today:

Was in the chatroom yesterday nearly all day, posted couple of charts, links,... everything seems fine to me! Just one small recommendation perhaps: would it not be possible to set the sound off per default? every time you log in you need to change it...

http://www.cmegroup.com/company/history/magazine/Summer2008/globalinsight.html

FX joins the party Last week we had the biggest intraday move in the DOW ever and today it was the biggest drop ever in European indices!

just a number as any other imo, despite it being 'round' 9750 was more important though... support from waaaaaaaaay back