35854 replies to this topic

[Roundtree]

No gambling, here is your answer....

 

BIL and AGL recovered significantly so could see a good push up into the close...lows always come like a thief in the night!

 

I would hold on to those longs cause this baby is going to 45 000 and beyond!

 

Quick hands in this game..the way of the west!!

A

Pretty sharp, brother. Pretty sharp.

 

My worry right now is the price action on the FTSE; it needs to go up to 6548 first, then come back down to 6497, back up to 6548 before plunging lower. Now the question is, when all of that is unfolding, will the ALSI be listening to Beethoven's 5th Symphony or Chopin's Funeral March? 

 

Here's how it affects my trade; I could cut my longs at 43715, along with the professionals, wait for the FTSE to finish that pattern, go short at the top and rejoin the up move from 43715 in two weeks. Essentially that means deviating from my system.

 

No, I don't like it. I'll hold til my target gets hit.

 

Happy trading, brother.

[Argento]

There wasn't much volume at 43321. That can only mean one thing; the professionals are not willing to close their trades at this level. Those shorts who are locked in are refusing to cover here (or they were all spooked this morning by the gap up). Also, the longs aren't willing to close their trades here either. If there are no sellers, there can't be any buyers. So what's going to move the market higher? And what's going to move it lower? Me and my system? Because I say so? I'm not so sure about that.

 

As a trader, this is not a tradable setup. It's a coin toss. A wild guess. Pure speculation. If I do anything to my trade right now, I might as well go to Montecasino, which incidentally is only five minutes away. Decisions, decisions.

 

As Frasier would say, "What is a boy to do?" 

 

And so I hold, brothers.

No gambling, here is your answer....

 

BIL and AGL recovered significantly so could see a good push up into the close...lows always come like a thief in the night!

 

I would hold on to those longs cause this baby is going to 45 000 and beyond!

 

Quick hands in this game..the way of the west!!

A

[Roundtree]

There wasn't much volume at 43321. That can only mean one thing; the professionals are not willing to close their trades at this level. Those shorts who are locked in are refusing to cover here (or they were all spooked this morning by the gap up). Also, the longs aren't willing to close their trades here either. If there are no sellers, there can't be any buyers. So what's going to move the market higher? And what's going to move it lower? Me and my system? Because I say so? I'm not so sure about that.

 

As a trader, this is not a tradable setup. It's a coin toss. A wild guess. Pure speculation. If I do anything to my trade right now, I might as well go to Montecasino, which incidentally is only five minutes away. Decisions, decisions.

 

As Frasier would say, "What is a boy to do?" 

 

And so I hold, brothers.

[Argento]

I'm cutting my shorts here and going long...there is strong positive divergence on the 60min chart and I have this hunch the turnaround in the US was their low yesterday..normally I go with that!

 

A

[Roundtree]

Keep holding the empty bag while i fill mine.

When my bag is full i will give you the signal you been praying for.

Look into charts.

Market could not penetrate first resistenance +-43525.

market is now heading for pivot@43335

Any breach here and you going to see new lows @ 43,000 first support.

Enjoy the ride.

I didn't know we were in competing camps, Farouk. I was just giving running commentary of what's happening to my trade. I thought instead of boasting about how good I am, let me put it out there for other traders to watch my trade unfold. If I get burnt, other traders can learn from it and not make the same mistake again. 

 

Happy days.

[farouk]

This market will not be going higher until the professionals have unwound their short trades at 43325; this little uptick is just a trap.

 

Some poor traders who were short panicked this morning, saw the gap up, closed their shorts, and now can't believe that the market is drifting lower. Believe it now, brother, it IS drifting lower! 

 

So what are you going to do? Go long and get burnt. Go short and you'll still get burnt. If you are locked in, like I am currently, the best thing to do is to hold. So I hold. Because my system says I should hold. 43475 was my long entry. 

 

Happy days.

 

Keep holding the empty bag while i fill mine.

When my bag is full i will give you the signal you been praying for.

Look into charts.

Market could not penetrate first resistenance +-43525.

market is now heading for pivot@43335

Any breach here and you going to see new lows @ 43,000 first support.

Enjoy the ride.

[Roundtree]

This market will not be going higher until the professionals have unwound their short trades at 43325; this little uptick is just a trap.

 

Some poor traders who were short panicked this morning, saw the gap up, closed their shorts, and now can't believe that the market is drifting lower. Believe it now, brother, it IS drifting lower! 

 

So what are you going to do? Go long and get burnt. Go short and you'll still get burnt. If you are locked in, like I am currently, the best thing to do is to hold. So I hold. Because my system says I should hold. 43475 was my long entry. 

 

Happy days.

[strydomk]

One of the hardest things I have had to learn as an amateur trader is identifying when MM are playing games and not getting caught out by panicking.

[farouk]

It looks to me like the serious players have left the market and only traders and retail buyers are left. Last nights movements were really odd.

 

If you look into the S&P lower time frame charts you will notice it has very strong support@ 1814/1816 mark.

Just below this maybe 5 to 10 points there are dumb money stop losses.

Its just a matter of time before the MM target this area.

A strong surge in this area can take the index to 1780 to 1800.

That is what i would call a washout.

Note we can only speculate that this area is the bottom but the MM have their own plans.

[strydomk]

It looks to me like the serious players have left the market and only traders and retail buyers are left. Last nights movements were really odd.

[farouk]

Drop from here for a new low and then a new (last) bull leg up for new highs into May!

 

IMO...

 

A

 

IMO

We first go down and then make new highs.

Yes in May we should have a bigger correction.

Note just a correction and not a crash.

I have doubts on the crash because my barber is not hyping bullishness on the markets.

When every Tom,Di*k and Harry is bullish then expect the unexpected.

My 2 cents.

[Argento]

What I'm trying to figure out is, will there be one more rally or will it drop from here.

Drop from here for a new low and then a new (last) bull leg up for new highs into May!

 

IMO...

 

A

[strydomk]

What I'm trying to figure out is, will there be one more rally or will it drop from here.

[Argento]

Last night there was an increase of +- 21500 calls in the market.

What i am reading from the charts is dumb money is buying and smart money is selling.

Its just matter of days before dumb money dries up and the US indexes will make a washout.

The present buying is called rinsing.

I agree!

 

This is a 'get out of jail card' for the longs before the real bears come out and play!

 

A

Edited by Argento, 16 April 2014 - 09:28 AM.

[farouk]

Last night there was an increase of +- 21500 calls in the market.

What i am reading from the charts is dumb money is buying and smart money is selling.

Its just matter of days before dumb money dries up and the US indexes will make a washout.

The present buying is called rinsing.

[Roundtree]

It's a beautiful morning once again here in Johannesburg, South Africa. 

 

Let's hope that my trade finally turns profitable today. 43475 was my entry and I've been long 6 contracts since Friday. My target has been revised up slightly; instead of 44110 I'm now aiming at 44250. 

 

Happy trading, brothers.

 

PS: The auction looks exciting this morning.

[gannet]

Tops late next week?

 

I need to adjust my dates. Wed to Fri we are in the zone.

 

The S&P will lead the way and we could now see the alsi target I mentioned in an earlier post

 

All falls apart if Vlad ras-Putin does something stoopid 

[bear catcher]

Green day bears gonna suffer

[Plasma]

400 pips up since 1900. Only got a 100 of those.

[AJS]

JSE's new logo... Not sure I like it that much. Suppose one will get used to it though.