This is what I have been talking about in the previous posts comments. Currently at the edge of trying to decide on a trend until Tuesday next week.
Friday, July 10, 2009
Trend Decision
This is what I have been talking about in the previous posts comments. Currently at the edge of trying to decide on a trend until Tuesday next week.
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Great risk/reward from here for being long. Maybe I'm just being a bit over cautious. I'd be surprised if we don't give 864 a test on the $spx before this leg down is over -- but maybe not today.
ReplyDeleteOPEX should be a carnival as usual next week. Did anyone check to see where max pain is on the spy yet?
I will short ES in the 878-880 region (with a tight stop of course.)
ReplyDeleteyeah I was considering taking some off the long here ... not quite sure =)
ReplyDeleteshort NQ here via futures as a hedge against my ES. Scalp only.
ReplyDeleteThe range i'm playing on the SPX at the moment is 864-895ish. Just looking to lick the water drops from the edge of the glass as I think you so eloquently stated once, haha.
ReplyDeleteI do have 879 on ES (former support) marked at resistance now though.
Stepping back, I probably should just be a good boy and leave this chop fest alone since I've made it this far :)
yeah the chop is difficult unless you are outside of the ranges. For me my core shorts entered early last week are doing very well. I hedged 1:1 at the bottom today so my equities P/L will remain the same even if we go higher.
ReplyDeleteFutures wise I put on a long at the bottom today as well and will try to manage this via NQ hedges and scalps until we break out to my upper targets that I had mentioned.
Quite odd being long and short on all accounts at the same time. Got to protect those open profits.
So I am feeling fairly well protected now. Shorts entered outside of the chop zone. Long entered at bottom zone for me. I can go to sleep now without any issues =)
Nice. ha, you're like Mr. Knight with your dueling shorts/longs. Kinda pissed I missed out on the IT positioning. I had my head so far up my ass playing the small cap depressed commodities on the way up, i forgot the big picture. Can't complain though I guess. I had my best 2 months trading ever. Those things were nuts. The party is definitely over in that arena now though. I'll be sure to let you guys know if it ever returns. Felt kinda dirty playing with the crap stocks, but with proper risk management, man, it sure can be rewarding during the proper time periods.
ReplyDeleteAlright, enough blabber from me. Back to watching this pig roll around in the mud.
definitely let us know what you are currently doing trade wise. The more info the better =)
ReplyDeleteI am blabbering too today as you can see. Its friday, I am feeling pumped from a good 2 weeks (though yesterday was a bit stupid).
SPX 876.80 needs to hold now. If it does - well we will go higher of course.
ReplyDeletechris, do not how do you do this your calls of trend line are accurate to the last point. Just saw a bounce off 87.84. amazing.
ReplyDeleteI meant 876.84
ReplyDeletewe are still battling right at this important point as you can see. No clear direction yet. So frustrating for anyone with a one sided position.
ReplyDeleteStill not sure which side I favor at the moment. My money is slightly on the bullish side but I am also short at the same time. Long off the bottom, short off the top. One of them is going to stop out break even, the other is going to continue running.
three times it tested with small violation of your target for the bounce. I am in a small long posiiton. cashed out shorts this am
ReplyDeleteThis is a pathetic battle. It feels like a fight to the death with butter knives. Will someone please throw an action scene into this movie!!!
ReplyDeletelmao @ butter knives .... perfect analogy.
ReplyDeleteAnd yes VERY frustrating at this point, especially being the last hour on the last day of the week ... I would expect fireworks and what do we get .... some computers exchanging the same shares back and forth while everyone is waiting .... not sure what we are all waiting for.
I swear they are just waiting for me to cave. I don't think I want to hold over the weekend, but was hoping for at least an 88x close to take some money off the table.
ReplyDeleteI think if you were to look up patient in the dictionary it would show you a chart of this this trade range here.
ReplyDeleteI am holding long position over the weekend
ReplyDeletestopped out of short here. Lets see if we can make my close call of 881-882 come true today =)
ReplyDeleteSorry I meant SPX884-885
ReplyDeletenow "theoratically" since I am stopped out of my futures hedge, it "should" continue higher lol. Its funny how it never works the way you anticipated.
ReplyDeleteIt does feel like they are aiming at you no matter how small a position you may have.
ReplyDelete