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Nice breakout !


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#11 NAV

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Posted 24 January 2007 - 10:00 PM

I will pound the table that we are topping and there IS much risk at this point in time. Max upside 1% spx vs 7% down. .. . or more.


eminimee,

There is a risk whether you are long or short. That's why we have stops. The likelihood of stops taken out for the shorts is more than the stops for longs, given that the hourly trend is up at this point. If one entered long on yesterday's hourly buy, there's a lot of leeway to sit and watch as to how this thing resolves.

Edited by NAV, 24 January 2007 - 10:01 PM.

"It's not the knowing that is difficult, but the doing"

 

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#12 Sentient Being

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Posted 25 January 2007 - 04:51 AM

. Even if someone catches the top tick of this market and shorts it, i would give zero credit to them.


It sometimes still takes me by surprise when I see a message-board trader demanding that others give him the "credit" he "deserves". Usually it's some guy that gets em wrong and pretends those calls never happened, then turns around when he gets one right and demands the board rise up and give him the "Credit he deserves or he will leave". Then there's that arrogant approach: "There was no excuse for any of you to lose money today unless you decided to go against my call, you fools, ...blah blah blah".
In the end we retain from our studies only that which we practically apply.

~ Johann Wolfgang Von Goethe ~

#13 eminimee

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Posted 25 January 2007 - 06:49 AM

I've been mostly long since spx 1408ish but scalping and not holding anything over night.....I started accumulating oex puts when I thought a double top might happen and haven't bought any puts when oex has been south of 666...missed getting more yesterday by being a dime off the bid. Thought they would hit me on close but didn't. Sticking to my guns for now on this:
http://www.traders-t...?...c=65035&hl=
I'm not just going by these simple charts...I do have some private stuff that is waving a huge red flag at me. Denleo is a great trader and I'm sure has a great following here and I'm concerned about the "no risk" statement. This market can fall 20 points in a day (spx) at any moment now. I just have to get that off my chest. gggg