brownsfan019

We have a pre-market one working currently:

So the question going forward (for me at least) would be - how does this hold up during 'normal' market conditions? We saw a huge move today, which might explain the reason for amount of trades also available utilizing the 20 EMA and our 'pullback' to the MA.

Let's be fair Steve - the odds of ANY trader taking the trade and making those 36 pts in next to nothing. Why? B/c most days you will never see a 36 pt move in your favor. I find it helps to keep the projections realistic b/c there are plenty of new traders floating around here.

And that is a bad assumption. I'll give you an example - when I was a broker, I wrote a weekly article for the local newspaper. It helped business and made me look like an expert b/c the paper was obviously endorsing me. I also advertised in the paper. The deal I had with the paper was I would advertise IF I also got that weekly article... And they jumped on the deal to get me advertising weekly. They did ZERO 'due diligence' on me as they just wanted my advertising dollars. Moral of the story: the 'unbiased' news media is not unbiased at all in many cases. It's easy to buy the story you want or publicity you are looking for. After all, the media is in the business of making money as well.

And another: I know those might not meet BB's criteria, but I see two possible opportunities to get short based on candle patterns, but not necessarily hammers/inv hammers. Looks like it did well overall today. Any of you guys trade these live? I was just a spectator today.

I'd love to see a thread about that OAC!!! Feel free to start in the Candlestick Corner and I will make sure it stays on track.

Here's one from today that I would consider:

That's probably the most important part of the entire process when using a setup that may not show up often. I'm glancing at the charts and other than that 1 long (or 2 if you take the one I looked at), that's about it for the day so far IMO. 1 or 2 trades and done or watching and waiting patiently. My guess is some would struggle w/ that and want to trade even though the setups may be solid.

Good stuff guys! Another solid thread in the CC. Quality over quantity in this part of the forum.

It's a process we all go through in some form - you pay for your education in the markets to vendors, the markets or both. Depending on when you bought, if you used a credit card, you could always try a chargeback. Doesn't cost you anything but does cost the vendor. You may not get your $ back, but at least you put a little mark on their credit processing.

Could be shaping up to be a thrust up, pause, repeat. I personally was long on a different setup and exited at 31.75. We'll see if this is one that just goes up all day or if some sort of exit/scaling was necessary. If nothing else, 2 possible trades today on this setup and 1 loss, 1 winner. Winner greatly outperformed the loser and that's about all we can ask for.

You guys need to create a 'what are we talking about' thread so those of us that are completely baffled looking at your charts w/ lines everywhere can attempt to participate. Just an intro thread about 'harmonics' could be useful.

This thing popped for anyone that was in it and riding it out:

So far this price action today is one where having fixed targets to exit is looking good so far. Very jumpy action so far this morning.

Here's another: So this one has/had potential depending on exit strategy.

NB - not sure how many option traders are here to be honest. Might be able to find a few more at elitetrader.

For sure FW! The old saying is that the more times a S/R area is hit, it becomes weaker and weaker.

Here's a failed one that just occurred: This one was a solid setup that just didn't work. Depending on how you entered the trade, about a 1.5-2pt loss. It appears that ones that work can move a substantial amount, so if the money management was good, no biggie on the loss. It comes back to how you exit. You can lose 2 here if the winners are +4 or more for example. You can even get +2 if your winning % is over 50%. So many ways to work the #'s and the system. Maybe BB, Kiwi or Gsx can chime in and give some ideas on how you might exit trades using this setup.

Just a follow up here on the daily. Had a retest of a previous low:

Hey guys, Thanks for participating. I will keep the thread clean and on point. Over here I can magically delete any posts that are off topic. The premise behind the trade plan is simple, yet will require work for anyone serious in using it. For me personally, I have found that EXITS are the most difficult thing for me. I have plenty of entry methods. When/where to exit is what can drive me nuts for days. Feel free to post your own version of the EMA premise - 20, 21, 34, 28.627, I don't care.

I think it's possible James, but no idea what goes into getting it up and running. That's the hurdle that I'm not interested in facing right now. If someone else did the leg work, I'd be more than happy to consider running it and being a part owner in the operation.

Understandable why brokers do this, just too bad that the traders that know what they are doing get penalized as well.

Very interesting purchase for BOA indeed. Having been a broker for a few years, I'm a bit surprised that Mother Merrill was sold when there was no talk of her being up for sale. I think the financial industry is doing a big circle - we started with many different banks, brokers, etc. during an economic boom; now it's time to consolidate and get rid of the weak hands (or cash in if you can); and then I think we may see the startups show up again. Regionalized banks are quickly becoming a thing of the past, but I think consumers will miss that personal touch and we may see smaller, personalized banks make a run again. And then the big boys will gobble them up again. All the while making the people that start them very wealthy... I've actually toyed w/ the idea of starting a local credit union. I've always liked the concept and if it's financially feasible, I think it could be a good career option for me. I've always enjoyed working w/ the public and a credit union is a bit more relaxed vs. a fixed structure of a bank. No idea what goes into it though. Never looked into it. Could be fun to trade while running a relaxed credit union that is pretty basic - bring deposits in, loan money out and hopefully do it the right way.

In this thread, Bearbull posted a neat little chart that is more appropriate here. The premise is simple... And the chart that followed the post: It's an interesting trading idea that I thought could get some life here. I'll invite Bearbull over to comment more. A few charts that caught my attention using the same idea: * IMO the yellow highlighted one above would be the primo setup - a pullback to the 20 EMA after a move and an immediate rejection. ================= Is there potential here for a very tradable system? Perhaps. Items to consider: * Entry is only part 1 of the equation, need an exit strategy. * This may or may not be an all day trading system. There needs to be some movement for this to be viable IMO. * Rules of entries could be flexible as some I have highlighted above or more strict like the one highlighted in yellow. * Chart timeframe can make a big difference as well - minute chart, tick charts, volume charts - all could be viable options here.

So how long before BOA owns the entire US monetary system? Wow... Another huge deal for them.