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brownsfan019

Market Wizard
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Everything posted by brownsfan019

  1. brownsfan019
    As of 2:30pm, ES at 1423 and testing new lows. Great news for the short if we can stay down around here and close lower. So, anyone by chance making money on this? :embarassed: There is some SERIOUS money being called out on this one thread. Go back and read through some of the older posts... a YM long comes to mind that did very well too. A newbie could read this one thread and have made money. More than what any of those vendors are trying to sell you.
  2. brownsfan019
    Current price in AH: 1450.00. Already up 10 pts from the 1440 level. Once again, the 1440 level has held into the AH session. Nick is right, the more attempts at trying to breaken the level make it weaker, but so far, it's held again. I think James hit the nail on the head though when he explained most shorts would be exited soon b/c of the holiday. That in turn will add some buying pressure to the already bullish stance at 1440. Depending on how today forms, we could get a reason to get long.
  3. brownsfan019
    Ahhhh the age old how to exit thread. There's some floating around TL so make sure to do a search. Here's the best piece of advice I can provide - as soon as you realize AND accept that you will NEVER get out at the best optimal price, you can start to craft your exit strategy. Neither of you are there yet. Here's what I mean - when you are saying 'only if...' it tells me that you want to catch the monster moves AND get out when there's only a little profit available. Well, that's next to impossible. You have to decide if you are either: 1) Going for the large moves and will make little/nothing on the small moves 2) Looking to take realistic profits every trade I don't see how you can do either consistently. In a nutshell, it's a question of trying to hit homers or singles. I would suggest sticking with the singles in the beginning. I realize that some may say it's possible to do both based on XYZ or ABC or maybe some of ABC mixed with XYZ and sprinkled with 123. And maybe it can be done. But in the beginning especially, I would suggest finding one method of exiting that suits you and then work it. I personally like taking regular profits, but I mainly daytrade. I've also found in my personal trading that many times going for the larger moves and taking small gains/losses on the other trades that I make LESS by going for MORE and risk MORE to do that. :doh: That will open up your eyes real quick.
  4. brownsfan019
    Yes, good observation. The 1440 level has been respected numerous times, ala red line on my chart. I'm not suggesting to exit a short right now, but I would be very cautious knowing: 1) The 1440 level can easily hold here and/or 2) Thanksgiving is on Thurs and with that around the corner, I would be cautious holding into or over the holiday. Last price in after hours is 1443, so it will be interesting to see what, if anything, happens when Europe opens in a few hours. I'll have to wait till the morning as it's off to bed here. :sleep:
  5. brownsfan019
    EOD chart looks quite nice for the short. Very concerned where this closed at however. If still short, have to watch and be careful Tue and Wed going into the holiday.
  6. brownsfan019
    1440 level being tested here today. If you held your short over the weekend, you are being rewarded handsomely (as of 1:35pm EST). So many ways to trade the exact same setup - do you exit on the first day, do you exit on Friday b/c of the hammer type candle or do you take a few pills and hold over the weekend?
  7. brownsfan019
    James, In this thread at et, proflogic does discuss going to a high setting on a VBC for swing trade purposes. I think the logic holds and may prove to be more useful depending on how you trade. The only question is how/when would you take on a position.
  8. brownsfan019
    In the end, we are all using some sort of 'indicator' - whether that is the tape, candlesticks, trend lines, etc. The real question is HOW MANY indicators do you want/need on your charts? There's no good answer really. Here's a good example of what I am talking about - http://charts.dacharts.com/ Click through some of those and you'll see what I mean - some charts with so many indicators you can't even see the current price and some basic ones. I think it's finding what fits for you. It's true that many new to trading rely to heavily on the indicators initially, but you still have to find your groove. For example, I love candlestick formations but I also know (b/c I've proven it to myself) that the lower the timeframe, the less reliable a candlestick formation is in and out itself. So, there needs to be something else, whatever that something else is to help filter those trades. There's no right answer here, but hopefully you get my point. I know many books and sites out there would say indicators are useless but I think you could find something that works for you. In other words, if your goal is to make $100/day in the markets, I would bet you could eventually find an indicator(s) that could do that for you over time. Now whether you can stick with it during a drawdown is a different story.
  9. brownsfan019
    Goog = hammer from Fri's chart. I could see a long here. yhoo = good support at 25.00. Could go long here as well, but I think Goog chart is better and has more potential to pop for a quick profit. Purely a technical analysis done in about 4 minutes. Take it for what it's worth.
  10. brownsfan019
    Glancing at the chart Abe, there's some strong resistance at 60.00. A trade could perhaps be buying the break of 60.00. From a candle perspective I would not go long here. Based on earnings however, there could be a pop in some direction. No idea as I don't personally play earnings plays on stocks anymore.
  11. brownsfan019
    UPDATE: 1) Short that is working. 2) Concern for still holding this short. If that spinning top occurred closer to the 1440 level, I would go long quickly. The market doesn't always go exactly where we want it to go however. At this point our options on this short are: 1) We exited Thu night / Fri morning / Fri at the close. A few reasons for the exit as I mentioned earlier. 2) Exit Sun night / Mon morning based on this possible long signal. 3) Exit IF the spinning top confirms, which for me would be price breaking through the high of the spinning top. Each exit has its merits. #1 and #2 are more conservative. More of the 'take the money and run'. #3 is saying that we still like this short and are not overly concerned about Fri's price action. If the market drops good on Mon or Tue, the short will generate even more profits. If we get taken out at the high of the spinning top, you will 'give back' some money. To each his own.
  12. brownsfan019
    James, Here's what I see: The candle in question is more an inverted hammer than spinning top in my opinion. That of course is a BEARISH undertone. I do not see a support level right here. I would like to see a test of the 17.50-17.00 area to consider a long. Note - 2 candles ago you could have taken an aggressive short based on the previous level that held.
  13. brownsfan019
    http://www.poyi.org/63/11/01.php 1st and 2nd place will tug at your heart. Reaver will definitely appreciate them.
  14. brownsfan019
    One last note - I'm not a fan of holding a futures position trade over the weekend. Overnight is hard enough for me. So, if it were me, I would probably look to exit some/all of my position sometime Friday. I might even consider just closing it out now and say thank you for my 20+ pts in ONE day. :thumbs up:
  15. brownsfan019
    James, Hope all is well there! We're all thinking about you. As for today's action, it worked nicely for our short: Here's the possibilities on this this trade: ENTER AT MARKET ON 11/15 SHORT ENTRY: 1478.00 STOP: 1497.00 (RISK OF 19 PTS) TARGET: 1440.00 (GAIN OF 38 PTS = RISK/REWARD OF 1 TO 2) CURRENT PRICE: 1455.75 (UNREALIZED GAIN OF 22.25 PTS) ENTER ON THE BREAK OF THE LOW ENTRY: 1469.75 STOP: 1497.00 (RISK OF 27.25 PTS) TARGET: 1440.00 (GAIN OF 29.75 PTS = R/R OF 1 TO 1) CURRENT PRICE: 1455.75 (UNREALIZED GAIN OF 14 PTS) Obviously a few things stand out here: 1) The more aggressive entry (enter at market) provides smaller risk and bigger gain. The R/R is very nice at 1 to 2. The catch here is that if today would have been an up day, you could have easily been stopped out the same day. Not a big deal, but it sucks when that happens. 2) The more conservative entry leads you to a 1 to 1 R/R, which is fine but obviously 1 to 2 is preferred. One note here - take a look if you just exit right now on the first scenario - +22.25 pts = $1112.50 PER CONTRACT. Do the math on how many you could comfortably swing trade. James is right, the money is there and we've got some good analysis here but I wonder if anyone is making any money with it. I'm still stuck in my daytrading mode and since it's been doing well lately, hard for me to change right now. Maybe during the next cold streak. :\
  16. brownsfan019
    What are you trading - stocks, options, futures, and/or forex?
  17. brownsfan019
    There is a chat room here on TL - http://www.traderslaboratory.com/forums/misc.php?do=flashchat It was fairly active when I first started visiting there were a few regulars but that seemed to die. Anyways, it's there if anyone is interested. I would pop in from time to time but cannot make a full dedication to it.
  18. brownsfan019
    Taking a look at the recent action, I see a potential short here: My previous post said: While price heavily respected that area, there was no reason to go long on the daily. It's too bad b/c that area was and remains strong resistance as illustrated above. This short should have a target of taking some/all profits at the 1440. That level remains strong until broken so you could plan to exit before that level is approached as a conservative play or you can hold as it approaches looking for a break.
  19. brownsfan019
    I don't think so either. By the time any major news is being reported on the TV, the market is reacting. I have music on as well.
  20. brownsfan019
    I've got a 360 and love it. I think the selection of games is good and growing. Many of the old Xbox games are compatible as well. Xbox Live, the online playing service, is just awesome. You can tap into your wireless internet at home and play people all over the world. I think Xbox Live sets the 360 apart.
  21. brownsfan019
    James, If you are going to be printing this regularly, it could be wise to purchase a business printer and binding machine to do it at home. When I was a broker I needed these, so I already had them and it's very useful. You'll need to plunk some money down on a good color printer and the binding machine is not expensive. That's about all I can think of to eliminate the need for Kinkos.
  22. brownsfan019
    Abe, Make sure you read the prospectus for fees on those funds. Foreign funds typically have higher expenses than a domestic based fund. Fees can also negate any 'trading' you might do. After the mutual fund mess a year or so ago many funds now impose a fee for what they define as early redemption. An foreign based ETF may be more appropriate if fees become cumbersome.
  23. brownsfan019
    In terms of the business James is considering pursuing, he'll need to print those charts. Whether you agree or not, for this business, that's what is currently needed. Having a nice CD/DVD is a great compliment, but it's just that - a compliment. One idea James that could be a middle ground and still good in my opinion - is to print a summary type thing quarterly. You can have your detailed charts on DVD and be able to present something on paper from a quarterly perspective. This is purely for an interview type thing. If you need to see your charts from a learning perspective, then you know what to do.
  24. brownsfan019
    TG - My view is that James is creating a portfolio, like an artist. If an artist wants to show off their work, they provide the artwork. James is an up and coming trading 'artist' and his goal at one point was to consider trying to get a job at hedge fund or somewhere and they are going to want to see his work, not 'here's a cd, you go ahead and print it'. This will need printed sooner or later. There's no getting around that if it's being done correctly and professionally. Wall Street is not concerned about paper consumption and probably never will be. You would not believe the amount of paper I would go through when I was a broker. My assistant and I were probably using about a case or so a WEEK. There's 8 or 10 reams in a case @ 500 sheets per ream, if I remember correctly. Point is that James will need and want these printed even if just for his review. Once he's a multi-millionaire he can go green and save some of these print jobs. For now, I think he NEEDS to print them for HIS CAREER. Don't get me wrong, I love the go green movement and all that, but this is something that is important to James and his future.
  25. brownsfan019
    I'll gladly give one to avoid - BIGTRENDS.COM No idea if they are on TOS or not, but they suck. :did I say that?: I'll have to write up a review sometime here to hopefully save a few souls from my mistakes.
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