firewalker

James, mind telling us what instrument or stock this is? Curious to see how this one pans out.

Steenbarger commented on it in his blog as well: http://traderfeed.blogspot.com/2009/02/proposed-securities-transaction-tax.html

The topic seems pretty hot these days: http://traderfeed.blogspot.com/2009/02/proposed-securities-transaction-tax.html

I had a look at the chart anyway, and from what I can see on August 8 price had already broken below important S and was trading around 1.5255. Sounds like very late entry to me, considering: (a) there was a short opportunity at R when we failed to make a higher high around 1.59, (b) there was a short opportunity when we broke the demandline at 1.58, © there was a short opportunity when breaking S and the last swing (1.5575), and (d) there was another short opportunity at the end of July when price turned previous S into R around 1.5660. Sounds like plenty of opportunities to me. And all happened long before Trichet's announcement... And price had already fallen 700 pips too...

Could you direct me to your post from one year ago where you told everybody to short and stay in until we hit 6000? Unless you make money out of it, predictions are useless. Especially the hindsight ones.. No one here has claimed to be an expert... If you believe that to be the key, I suggest you start a separate thread and illustrate those beliefs. There are 'fundamentals' (or your interpretation of them) all around. Instead of mentioning how "easy" and predictable this bear market was after the fact, it would be more useful to show us what is going to happen next, based on your reading of FA. The same things are being reiterated time over time, but when someone clearly explains the technical point of view it's either ignored or scoffed at. A while ago people were on and on about how you could not have foreseen the drop in oil, and yet several people dedicated a thorough discussion to it (see posts #45 and following here: http://www.traderslaboratory.com/forums/55050-post45.html). I see little point in doing the same for EUR/USD since the principles outlined in that post are basically the same. If you want to believe that one man's word can change the mind of the market where millions participate, you are free to do so. I guess Obama just hasn't found the right word yet...

When you sold for the second time, how did you know we were not going to break R? Unless I'm mistaken, you shorted on the way up right? But how did you know, at that time, price was not going to break higher but fail instead? Apart from that, what can I say... beautiful trade, nice and early, quick points in little time... the 'trade of the day'

I found this post on "Re: Volume Observation" interesting and have nominated it accordingly for "Topic Of The Month February, 2009"

@ MRW, @ Lewtz: This post might also interest you: http://www.traderslaboratory.com/forums/55747-post60.html It's about supply/demand lines.

You can check out commissions, fees and other costs at their website: http://www.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=uk Futures are around 4.80$/roundtrip, but stocks are lot less (which is probably what ceel is talking about).

Yes, it's about supply and demand. But introducing mathematics doesn't help in reading the supply and demand. A stochastic oscillator is commonly a formula based on the comparison of the most recent closing price and the recent range. Which means that when you say price is 'overbought' or 'oversold', based on an indicator like %K, %D, %R,... all you're saying is that price has been rising or falling for a considerable amount of time. I'm sure you've seen a lot of charts where price couldn't care less about whatever oscillator saying it's overbought, and just continued on it's merry way. I've attached a chart as illustration. As long as the demand is greater than the supply present, price keeps on rising. No matter how overbought a particular indicator may look.

Just wanted to say that I have received a couple of emails too over the weekend, all relating to new posts in the same thread jason mentioned... but they have not been duplicates, it's more like notifications from old posts. Weird!

I don't see what stochastics or %R has to do with any of this.

I don't see what stochastics or %R has to do with any of this.

Here's the chart we discussed in the chatroom today. I gave the rationale for entering the trade, including the entry in the chatroom. Now here's the visual representation where those who are interested can comment on it... Basically the reason for discussing it was the problems I am having with the recent market "conditions"... basically getting lot of trades stopped out, lot of breakevens and despite I have (imo) valid reasons for entering the trade, almost all of those entries do lead to a directional move, albeit often only for very little points. And that's where I'm becoming increasingly frustrated at mister market. Some have suggested taking profits quicker, some have suggested scalping but I don't think overhauling my methodology is the best way to solve the issues. Making small adjustments will probably be necessary because as jason pointed out volatility is no longer as high.

So far today no issues! Glad to see everything up and running (have not tried every new feature yet though)

Call me nostalgic, and I do appreciate the time and effort put into this, but I'm beginning to miss the old chatroom... I've visited a couple of times but either people aren't saying much or they are getting thrown out/disconnected... and then we're moving over to the Java thingy (which actually works quite good for what it is). Call me nostalgic but before we had days with a high number of chatters (+30 at times), and I just feel like it's slowly falling apart with people losing interest.

And that's without TOG even talking... imagine what it would do when he's actually typing can't get back in btw

Logged in pre-open, and after couple of minutes Firefox totally crashed and I got a crash report. It's the first time EVER Firefox crashed like that... now I'm trying to get back in but hanging at the 'initialization' screen Edit: just got back in

Hi starborg9, this is not really the best thread to ask personal trading questions. Fwiw, each one must find what suits them best. A chart is but a representation of price. So whatever you choose to represent price is up to you, as long as you don't stray away too far from the reality... If you have more questions about this, I suggest you search the forums or start a separate thread if you want specific help with your trading.

And yet, 1188 does seem important given the number of reactions from both sides...

kind of caught me by surprise. But it's clear I'm looking at the wrong things... Chatroom would've been great help today. The turning point happens to be in the middle of that '70 and 95' you mentioned...

Well I can prove I was wrong and got stopped out... I was/am looking for 1200, 1188 and 1167.

hmm, I missed yesterday and Friday so don't know what's been said or posted in the room, but what's at 95?

potential springboard here on NQ? 92-95

Sorry, not getting in... keeps saying 'Initialization' for minutes...