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And I'm out 85.50, just under yday high. Sorry, won't post any more scalps like this.

 

I think it was worth posting as a possible continuation trade. I took it too but it just couldn't stick.

 

You mentioned a "ledge" @ 90.00 from 4/4 &4/5 I think? I was looking but couldnt see:-

 

attachment.php?attachmentid=28627&stc=1&d=1334849324

2012-04-19_3.thumb.jpg.bccff3f2c1f63c84e06d6f6b97e64785.jpg

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I agree with the overall picture. However, earnings continues (bad numbers from BAC this morning btw), all eyes on spain bonds, unemployment claims knocking on 400K again this morning, and with housing and philly fed this morning, plenty for people to be worried about, and thus a bit skiddish.

 

Very few things will bring this market down and when they show believe me I'll be the first one to say SHORT this fukn index until she bottoms!!!! As of right now and for most likely the remainder of the summer, unless we see some of those trust fund babies in congress grow some balls and stop pretending that they can fix things when in all reality they can not and we need REFORM we should definitely continue the uptrend or stay in / near 1400's. I'm not a stupid politician though so I'll just sit back and play it by the day. This is more then trading for me, in essence the markets are an awesome never ending book that tell more then just a story, it is legit history in the making! So I don't care about a legacy I just want to be a part of the markets as it is so much more then TA, fundamentals and politics, I love this business! Don't go for the stereotypical thesis regarding traders guys, you should not be stressed or worried when making executions, you should be like a robotic fukn jet-i who will never break and has no emotion, NONE. Then you will win, forever! Stress will overcome your confidence and lead you to question yourself which will only ruin your trading plan which will make you unstable and you will lose as your plan clearly will then not be a plan but just more of a guesstimated formula of you don't even know. So yes don't stress because if you do stress you have no idea of what's going on so just relax and take notes.

 

Nikko

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* BIG EDIT *

 

lol Josh I'm sorry I reread my comment and I would like to note that only half of it was meant for you ( the portion regarding the market ) the other half is on how I feel about trading and what new traders should do etc does not involve you Josh.

 

I say this because I seen that you posted you were worried etc I don't want you to think I just told you to relax and takes notes lol... I should have split my comment in two not as one, but I just get excited when I type, but no I was not directing the other half of the comment because YOU said you were worried, I was just speaking in general for newer traders that are lurking the thread but hesitant to comment.

 

Nikko

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I think it was worth posting as a possible continuation trade. I took it too but it just couldn't stick.

 

You mentioned a "ledge" @ 90.00 from 4/4 &4/5 I think? I was looking but couldnt see:-

 

 

Yes sorry I was not clear. Attached is the profile from the high on 4/2 to the low on 4/10 .. it's the area shown by the gray lines here that I was referring to, formed by the balance on 4/4 and 4/5.

5aa710ef1fdc0_4-19-20122-11-24PM.thumb.png.e416e50c2181019b244efd6f8747d464.png

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Yes ,as I go out the door to freedom of the course.

Have a great day!

 

slick

 

Slick, you were right about the LOD not holding. Nice insight, and I hope you have enjoyed your time on the course! I also left for the last nearly 3 hours, and the chart looks quite a bit different than when I left. The 79 area I mentioned as a buy area earlier provided a nice 4 point bounce, but that's it.

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I say this because I seen that you posted you were worried etc I don't want you to think I just told you to relax and takes notes lol... I should have split my comment in two not as one, but I just get excited when I type, but no I was not directing the other half of the comment because YOU said you were worried, I was just speaking in general for newer traders that are lurking the thread but hesitant to comment.

 

No worries mate. And if you read what I said, I didn't say that I was worried. I said there was "plenty for people to be worried about." Personally I have little skin in the "buy and hold investment" game, and it's not something we can control so I worry very little about the overall state of the economy, as I don't have an investor's perspective. It's one reason I like being a day trader. Can I beat the market? Maybe, or maybe not; but either way, I am in the driver's seat, in control of when I'm in the market and when I'm not.

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never forget Steidlmayer & Schultz concerning " minimum trend"

 

Not familiar with this CL, what is the gist of this idea?

 

On a side note, will be interesting to see what the media attributes this to. I'm sure they will say poor econ numbers but we all know that's simply not the case.

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Not familiar with this CL, what is the gist of this idea?

 

On a side note, will be interesting to see what the media attributes this to. I'm sure they will say poor econ numbers but we all know that's simply not the case.

 

watching market structure at smaller levels so as not to be totally consumed with the bigger picture. It can give signals of coming reversals

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watching market structure at smaller levels so as not to be totally consumed with the bigger picture. It can give signals of coming reversals

 

I see, I will have to grab the book and read a bit of this.

 

I am looking to sell 71.50, or thereabouts, if it looks right.

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Slick, you were right about the LOD not holding. Nice insight, and I hope you have enjoyed your time on the course! I also left for the last nearly 3 hours, and the chart looks quite a bit different than when I left. The 79 area I mentioned as a buy area earlier provided a nice 4 point bounce, but that's it.

 

Back from the links. 81 not bad, but lots of room for improvement with 2 doubles and a triple on the back nine. And I am not 81 so I must continue to play.

Nice to see the bottom fall out of this baby while I was away. Need to take a boo to see where it is going now.

 

slick

 

Hot damn - looky here. There is that 65's number we talked about. There sits a .786 retracement in a pattern I am looking at. Did not think it would get there this quickly. Maybe more morphing but this could be a turning area.

Edited by slick60

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I have found that using indicators together with market profile and having recently learned how important the completion of the bell curve is, really brings the two together. My indicator generated signals mostly appear as a new step 1 of market activity begins. This is cool. Will have to start to capitalize on same.

 

2012-04-19_1515 - slick60's library

 

slick60

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No worries mate. And if you read what I said, I didn't say that I was worried. I said there was "plenty for people to be worried about." Personally I have little skin in the "buy and hold investment" game, and it's not something we can control so I worry very little about the overall state of the economy, as I don't have an investor's perspective. It's one reason I like being a day trader. Can I beat the market? Maybe, or maybe not; but either way, I am in the driver's seat, in control of when I'm in the market and when I'm not.

 

Well said but I believe instead of worrying very little about the overall economy you should most definitely take it into high consideration as if you had an idea of a week ahead, a month ahead, etc I believe you will be able to make a much more educated and probable decision on daily executions.

 

I despise long-term investments in this particular economy as there is extreme liability. Too much for the profit potential. Until we really see some kind of economic restructure there is no way any of us should feel safe to hold our investments in hopes of new highs or " it finally being over " but there is also no way you can overlook the aid we are receiving either...

 

Nikko

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Well said but I believe instead of worrying very little about the overall economy you should most definitely take it into high consideration as if you had an idea of a week ahead, a month ahead, etc I believe you will be able to make a much more educated and probable decision on daily executions.

 

Let me rephrase: I consider the overall, larger picture. I consider the fed's stance on monetary policy. I consider payroll and other numbers that investors care about.

 

However, I do not worry about it all, as I have no influence over it.

 

Further, ideas weeks and especially months ahead is utterly useless, for me anyway. Today's market changes its mind on a whim, and any whisper of panic out of a bond auction, payroll numbers, and anything else causes the market to change on a dime. I see little use for monthly hypothesis which will only be a guess and take my focus away from the more important day-to-day picture.

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Got 71.50, half normal position as I do not want to get steamrolled -- only giving it 5 ticks or so.

 

Well, out for -5 ticks, this is why I put on half a position. Not much skin here.

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A lot of the reports did not come as expected and we broke the trend early, but was still confident if the reports were as expected we should have broke 1400's. Ok but taking into consideration we did not drop too much especially since there was talk about beating the consensus I believe the numbers should have caused a bigger fall in the market so it was clear buyers did not have much to work with and I personally believe we just broke the " day trend " for the past 2 days as the 70's area held decently and tomorrow we should continue to climb and re-test the 1400's she is not done yet.

 

Regardless you never know until morning but there is not much speculated news coming out tonight and in the morning so we should have a good chance of continuing the overall uptrend especially when we held the 70's after such bad news and reports this morning.

 

Good luck,

 

Nikko

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