firewalker

shut up alright :security:

What can I say? Perhaps I should be trading this instrument and see if I can get more pips than you :haha:

http://www.cmegroup.com/trading/equity-index/euro-emini-sp500.html potentially interesting?

Not bad for someone who's not really trading that instrument eh :groove: Is that 190 exactly?? :shocked:

I'd say that's an exact copy of my story. I used to sit in front of the screen from 8am till 22pm. The freedom of not having a 9 to 5 job! But for my style there aren't 10 (not even 5) decent trades per day per instrument. So now instead of watching European and US markets, I focus on what I know best, I focus on trading the first two hours of US open and after that I try to manage the trade. If I'm stopped out so be it. If my target is reached, I quit. I don't think it has much to do with passion. In fact, I probably study more charts when the markets are closed then when they are open and I still read up on a lot of trading information. But trading can be a stressful experience and when you're in front of the screen all day and for two hours there's nothing going on the temptation can be great to put on a trade just for the sake of it. I'm an impatient person. But it's easier to be impatient for one or two hours than sitting on your hands for half a day doing nothing but staring at the screen.

three correlated longs, that's guts!

closing out at 1253 for +9

wow I thought I might have been late to enter ... still is plunging fast!

ES short 1262!

out breakeven.

It looks to me it's just a continuation of yesterday where we saw strong rejection of higher prices. For the next couple of weeks I think a re-test of the lows is more likely than the DOW going back above 11700.

Long es 1263

Bring it on goodnight!

Sure, but not until it reached some really decent support right? Any reversal that occurs in mid-air has little chance of surviving very long imo.

Well you gauge momentum... for instance if price makes higher highs and higher lows after bouncing off S you can stay in. But if it quickly fails to do so you run for the exit. Or if you see price bouncing, then stalling for a decent period of time and instead of continuing it's upward movement it falls back down, you exit. Several options available everything depends on how much you are willing to risk in order to gain something. But in a downtrend I think the odds that price goes from R to S are higher than the other way around. Just my 2c.

I think in a strong downtrend like this one S does not return to R because there is not enough demand. Most of the time if price can't get to the midpoint of a zone identified by a S and a R level, then you better run for the exit... imho... of course one way to prevent taking reversal which don't run very far is to keep in those shorts longer and scale out... I know that's not your style but I don't see much other option!

:rofl: good one!

I did read somewhere below your nick: "is trying to pick a bottom" :hmmmm:

nope, no other Belgians in the vicinity :o :groove:

I thought that only came after +1000 posts! guess it must be my charisma that triggered the 'guru' status :rofl:

Hindsight is easy to say ofcourse... but given the strength of the downmove plus not a single green candle to see...

I'm not into patterns per se, but if you know what they represent it's interesting to see the market react. Looks like price came back to the neckline of the head & shoulder formation and sold off strongly. The downmove that GBP/JPY is currently experiencing has a much steeper gradient than the move up that started in February 2008...

woohoo I made it to guru status!! oh yes I beat wasp to it :haha:

And now you see where I got the 190 I talked about last week...

I was used to decent weekly points to for some months. Then came summertime. I had to settle for less, much less and some weeks ended up negative for the first in a long long time! :\ So yes perhaps you're greedy combined with impatient. If I read "can't wait to get this last 18% he needs" that would seem confirmed ...