So.... I suspect that is/Was a near term high.... We shall see.... It Felt right...
Umn... I will never go through a trade in that much detail again. Again, most my skills were learned at the hands and with the support of Teresa Lo, and her MAD trading and Diabolical Skills... You certainly have to want to learn to fish.... but she is worth every Dime. None of this is easy..... and if it was.... bla bla bla...
But I just want to recap.... but we do need to break down below where we closed... below my Head and Shoulders...
But seriously.... I'll never go through that much detail again... I don't owe you... It's hard, It takes tons of my time... There are no Guarantees... it's still about risk management...
the only thing that creeped me out was that it felt like the most wildly called bull trap ever.
Thursday, April 30, 2009
Recap
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6 comments:
Good call on the left shoulder yesterday. Britney did have one last tour in her, but now she's starting to gurgle.
Appreciate your blow-by-blow today. It was great affirmation. The divergent MACD was the tell... and also the lack of confirmation of the IYR on the SPY high (I also look at the XLF which seems to have been leading the SPY up lately).
That has worked for me in the past and it may be just coincidence.
we will still see... not out of the woods.. I looked back and did mention the developing MACD. seems like the IWM is leading us down... I've been sloppy about watching the xlf.
seems like all the good news is out..
part of the reason I cant do that all the time is cause if I regurgitate T-lo... it's basically me steeling...
the good thing was she was quiet this week.... so I could prattle on all I wanted.
The diabolical thing will be if all the people who were chasing this... took some pain as their Wins turn to losses for some time.
All the good news is out?
Wait! They haven't caught bin Laden yet! That's coming Sunday, in time for wave 4. lol
Or better, maybe Cheney gets frog-marched. Man, that would be great.
Cashin this morning: "very very sharp move according to McClellan oscillator by end of week." But doesn't know the direction. Wave 3, Art?
did you catch fast money... I keep skipping it these days... only so much I can stand. WTF with mackie, yesterday it was all "Be short below 875, and go long above it. Then today he is all "False breakout"... I wonder if he suckerd into it then it was clear he was trapped... Funny...
The other good thing is .... so you start that trade and it goes well and so...you pull half, that way if it moves against you you have some room. you trade like 4 grand or 2 positions of 2 grand, then after you are up a buck or 2 you dump half, then if it pulls back to flat or futures go against you you can get out with your ass.
and when you get a low risk retrace you can add that 2K to the trade again.
let half the winners ride, and play with the other half...
but that beat the crap out of me... I'm exhausted and I think I slept 4 hours last night...
Honestly, I rarely watch FM (I'm usually walking the dog and regenerating neurons.)
I like your scenario. Today I had several pairs-trades going and laddered up on shorts near midday and took profits on longs. Still have semis long and some ag names and INTU & BCR short... thinking it's a mistake with aggies moving up on weakening dollar.
Long SRS and short SPG were the only day-trades today. I bought SRS in two equal lots and sold half up 80 cent and the other half up 1.10. At 3:30 I was back in and rode it up for 55 cents.
SPG short: only made 50 cents due to subpar execution.
Over all it was a good day. Still holding several swing trades 1/3 long and 1/3 short and 1/3 of portfolio in cash.
Get some rest.
to be honest I'd rather get to the point where I trade the major sentiment highs and lows..
The thing is I can almost see where I could just hit all the swings.
but I'd rather get to the point where I can go golf for the day, or ride my bike... work on the garden..
I just caught 10 min of Fast money, that is all I care about, that first 10 minutes where they yell at each other.
Karen was like... "well it sold off, but not that far"... sound like a subtable warning to you?
pisani is still talking the bull case...
for the most part you could even play positions in thirds or quarters...
but keep in mind... Never throw good money after bad.
ya, I catch some food after the market and try and get some exercise. funny thing is I go out and if I don't leave fast after the market closes, all the schools let out, and I'm out walking when the with the little kids, and the parents sort of stare at me like I'm going to eat one of them...
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