firewalker

Seems to be some talk about a speculator tax? When oil rose close to $150, it was all the speculator's fault too. Now that it's back below $100, I don't see anybody complaining anymore

I was curious to see what would happen with the ban on short selling specific stocks. But several examples (from the ban in July in the UK) gave me the impression that, apart from a possible dry-up in liquidity, it will not prevent price from falling. Here's one of Fortis' past glory (one thing less to be proud of in Belgium!): The first chart shows the trend of the past year. The second shows the last couple of weeks with the red circle being the moment when they outlawed naked short selling on several financials in Belgium.

:did I say that?: 'massive'... depends on how you look at it I guess! market was limit down at 10400 I suppose?

I had a beautiful short at the open, but exited bit early... anyhow it was a huge drop. I'm happy to call it a day... I think the market needs to cool off a bit after this massive drop

Nice read jason! Just one comment, I'm not sure how much this ban on short selling affects the markets... but I've looked at several stocks that were affected previously because of a ban on short selling (in July) and - apart from a temporary lift in prices - it didn't prevent them from going lower. Have a look at Fortis, it's as low as 5EUR per share, while they denied short selling on Euronext on all major banks two weeks ago. At that time it was trading around 7-8 EUR... I would be surprised if we make new lows to be honest, last week looked like attempts of buyers, but this morning we've already dropped quite a bit, so we are definitely not out of the dark yet imo! Good trading this week.

...out -4...

NQ short 1652

Interesting! http://traderfeed.blogspot.com/2008/09/day-and-night-sessions-this-bear-isnt.html

:thumbs up:

thanks smb! today is quite the opposite of yesterday... nice clean moves, my levels are working fine and... I actually thought of shorting at 11110 and it would've turned out okay! Didn't want to push my luck though!

out other half 11110 for +90

half out 11070 = +50

dow long 11020

that's about the size of my stop these days... I prefer the target to be at least 3 times as big! can be wishful thinking sometimes :\

looked to me like it was 11020 where volume spiked into

:o rest assured, it hasn't! I am sorry if I came over arrogant or with a sense of superiority, that was not intended. But I can only speak from experience, and although occasionally these points seem to 'halt' price, there's nothing consistent about them. Let me put it this way: if round numbers acted as S/R enough to profit from them, then that would be a 'free' edge basically. And we all know the market doesn't give things away 'for free'...

Thanks for just proving me point. You just mentioned a whole lot of factors that might or might not contribute to making whole numbers strong areas of S/R. But the numbers in themselves mean nothing. Your argument makes as much sense as me saying: "every square root number can be extremely strong resistance or support", but only if it coincides with (1) the previous day low (2) a congestion area (3) high volume... I say again, until I see evidence to the contrary, S/R at round numbers if nothing but coincidental.

Show me a chart where a round number acts as S/R, and I'll show you a dozen where it doesn't

On the hourlies it looks like she's building up for another jump higher. Could be wrong, but it's a fairly familiar pattern (ascending triangle).

I keep my eye on S/R levels, but the only reason I've seen a round number really act like S/R is because it's purely coincidental. I've had a look at the ES from the last couple of months and only the bottom of July (1200'ish) seems to coincide with a round number. Well had 1150, 1200, 1250 and 1300 recently... But I see no evidence where that round number presents a 'turning point' or is more significant than any other random number

Yes, if things would get out of hand we'd restrict membership or ultimately just return things to normal. But the level of members we have on this site seems high enough to avoid trolls or slanging matches... Rest assured, we'll be keeping an eye out for anything non-catholic

you mean 'psychological' because of the round number? I only use technical support and resistance levels :o

The other aim is also to have a bit more contributions in the trade & chart analysis thread. I agree that most people aren't interested in each other's trades... PS: some of my trades last hours

why the exit at 1198? very nicely done... it seems like the highest point of the day actually!

certainly looks that way, but support might be slightly lower? and it that case it's not a real break... hmm