james_gsx

Mr. Paul, if I had an options account I would definitely utilize options instead of stock. Unfortunately I can only do stock. Brownsfan, I saw the hammer on the daily and the spinning top against resistance as well. That's why I want to see a move above $200 before entering. I've noticed over the last few months of watching the financials that the weekly charts are pretty powerful. I guess waiting for a pullback to $90 wouldn't be such a bad idea as well, I'll see what happens with this Monday morning.

This hammer looks pretty good IMO. It's right on support and the long wick shows someone was definitely loading up their inventory. I'm going to buy this if there is a move above $100. Trade Idea - Hammer on the weekly chart, sitting on support and reasonable risk/reward for my stock account. Trade Plan - Use daily chart to find a suitable entry point. Currently the daily shows a descending triangle that broke out to the downside and a spinning top against new resistance/old support. That's why I will wait for a break above $200 before going long. Targets & Stops - My first target will be $220 where I will scale out 2/3rds of the trade and move my stop to break even. The second stop will be $240. My initial stop will be $183, or just below the wick of the hammer on both the weekly and daily (set Jan 9th on the daily).

Yeah it didn't work, but that doesn't really mean anything. We'll have to make sure we take the next setup with a favorable risk/reward. Nice to have you back Nick!

Thanks HLM, frankly I never even noticed that stuff and I'm glad you brought it up because it is something I would like to change. Thanks.

LOL I know I know. I was watching a show down in Texas about a kid who was tall like that. He had so many physical conditions to deal with I kinda felt bad for him. He had his passion for basketball, but seemed like he couldn't do anything with it.

Oh, I didn't tell you? I was the mastermind behind all of that. I took home about $30mil myself. You'll all be getting $100 bills in the mail shortly

Yeah it depends on the firm. The one I'm on the fence with right now lets me keep 100% of the profits - but I put up my own capital.

I am posting the same thing I post on my regular blog here on TL in the blogging section. There are a lot of newer traders and very experienced traders who may want to look at it from time to time. Hopefully it will help some, inspire others, and potentially stop me from losing a ton of money if I see something completely stupid :o In all reality I am just grateful for this site and I would just like to contribute the best I can. If you don't want to read it, that won't hurt my feelings at all. http://www.traderslaboratory.com/forums/blog.php?b=2 Thanks guys.

I bet the ladies love him But on a more serious note, I wonder if he makes it to the NBA or if he ends up like most tall guys and has several physical conditions that limit his abilities. Sure he looks great on a high school court but can he take the abuse in the NBA? And what's his stamina like?

Lets say the market closed within the initial balance area, would you still take it as bullish if we still had the late rally?

I agree completely. That's something I'm going to have to work on next time. Time to start looking for the next setup, which may very well be today.

Looks like the NQ would have been the better trade, could have set the target right around 2,000 and would have already been out. Edit: I got out, the internals were disagreeing with my position. The TRIN has been climbing higher and is now above 1.0, the ticks are spending more time below 0. Price hit yesterdays high then sold off. These were good enough reasons for me to sell and lock in my profits. NQ and ES are looking similar, if we rally into the close and I leave money on the table then it's a lesson learned. I know I'd beat myself if I let a winning position turn into a loser while seeing solid reasons to exit.

I will make sure to find the ETF that follows oil and I'll start taking those trades. I used to trade a lot, several hundred trades per quarter. When I switched over to futures I just sort of stopped... But at least I'm doing it again

The reason I just entered after the market closed is quite simple, I wouldn't enter otherwise. I need to accept the fact price might move around and I could take a slightly bigger hit but I'm willing to take that if it means I actually take the trade. That's my biggest problem... I don't take trades. I didn't do all of this work to be an analyst. Next time I'll try to enter at a better price, but for now I've done all the necessary homework and it's a matter of just doing it.

Fake account, not sure if my account can handle the volatility of CL.

Alright I'm in, long at 12892. Stop below 12800.

I had a target for 1950 on the NQ and that target was hit today. The problem I have with the NQ is the recent range breakout, so my initial target would be just above 2,000 which was old support. The low of Monday's candle was just under 1950 and I don't like that risk/reward. Now the YM on the other hand, I do like this risk/reward. I think you can let this trade run until at least 13,200. I called it a high wave candle on my analysis but one thing I did point out which I believe is more important than the name of the candle is amount of buyers present in the 12,800 range. So I would feel comfortable with a long here. Once that low is broken though I have a feeling it might move fast, so I would still be cautious.

I would cover here since 95 seems to be a strong support area, then wait to go long at $90 or a close above $100. I know it sounds like I'm leaving a lot on the table by saying I would buy at $90 but with the volatility of oil I'd rather keep my profits and wait for the next setup.

This is the 24hour chart. Looks like a lot of pre-market movement. Note: times are Mountain Standard, 2 hours behind NYC.

No, I don't actually. I don't actually trade the NQ I was just curious how a MP structure would look after a range bound breakout like that. But judging from the look of the candle it looks like an open-drive day since it opened and pretty much tanked. I guess I could always put together an MP chart in excel?

What would the MP chart look like for the NQ? The NQ has sort of been in a box play for the last two months and just broke support, I'm curious if that would show a shift in value on the MP chart as well?

If you go on Dells website they have a bunch of stuff with XP on it. 2gb would be more than enough, 1gb should be fine but the price of memory is so cheap now I'd just recommend the 2gb. Make sure you get a video card that can handle multiple monitors, you may only have one now but eventually you'll probably want two. It just saves a little hassle later down the road.

I think the newbie trade right here would be to go long in hopes of it breaking $100. But you are right, with proper analysis of the chart there are several short plays around $100. I think a good risk/reward trade would be to short and have two possible targets, the first at $95 and the second at $90. The stop would be simple, just above $100.

Would you consider this a doji or an evening star? Or does it really even matter as long as you read that theres a tug-of-war against resistance confirmed buy a sell off? Thanks...

Amazing Grace "The idealist William Wilberforce maneuvers his way through Parliament in 19th century England, endeavoring to end the British transatlantic slave trade" This was probably the best film made in 2007 IMO. The movie was very touching and inspirational, I loved the end when they played amazing grace with the bagpipes, drums, clarinets, flutes, etc. Overall, a great movie that I think everyone should watch at least once.