Friday 01-04-08

Longs started in overnight at 48 even......52.50 is first target.

got the triples and stop at break even..final target is the lows.of the day...

then after target maybe this ?

good ole dragon



[file]YMpic3.jpg,126,,0[/file]

took position trade at 1421...more later

doesnt look like the market internals want to reverse down here so i guess i'l stay in this short longer than expected - not that im complaining

where is that dragon I ordered? Odds don't favor a rally into a close like yesterday but perhaps they gap it higher on monday.....weekly pivot failed this week....so does this mean they will get it next week? Haven't had two failure weeks in a row...so perhaps it will happen...

The problem with our targets in general is this Gio and I only use your trade as an example:

your market dropped to 12885 and then rallied up to 12940...so you had to handle a 55 point drawdown to get the additional 5 points ( your original target WAS 12880)....LET ME STRESS THAT i ONLY POINT THIS OUT FOR DEMONSTRATION PURPOSES...IT HAPPENS TO ME ALSO


You can imagine the draw downs I face at times just to get to break even....lol

the internals that i watch are getting a tad stronger now - going flat now and done for the day - good luck bruce, am i wrong but it seems you fought the trend today?

been there, done that, and im sure i will continue to do that !

bruce, when i hit my target i only had a hand full on YM contracts left so when it reversed at my target i didnt really care if i lost cuz i wudnt lose much on those - plus i didnt have a real good reason to abandon my short position until now

Many days I fight what appears to be the trend...today more than others...just the way I trade...us fade traders accept that and add to positions when we think the time is right...today was a great day...sure it would have been nice to say " hey I sold on the open and just covered" but these days don't happen enough for me to worry about....

quote:

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Originally posted by gio5959

the internals that i watch are getting a tad stronger now - going flat now and done for the day - good luck bruce, am i wrong but it seems you fought the trend today?

been there, done that, and im sure i will continue to do that !

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I understand..nothing personal meant by my comments...have a great weekend

quote:

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Originally posted by gio5959

bruce, when i hit my target i only had a hand full on YM contracts left so when it reversed at my target i didnt really care if i lost cuz i wudnt lose much on those - plus i didnt have a real good reason to abandon my short position until now

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quote:

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Originally posted by BruceM

I understand..nothing personal meant by my comments...have a great weekend

quote:

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Originally posted by gio5959

bruce, when i hit my target i only had a hand full on YM contracts left so when it reversed at my target i didnt really care if i lost cuz i wudnt lose much on those - plus i didnt have a real good reason to abandon my short position until now

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Bruce - let me make myself clear

I'm learning from 'you'

You have a great weekend too and c ya at the bell on Monday

Update on that prediction...I keep getting stopped out at 1 tick profit and back in....but now new low of 1391..ok...any much lower got me thinking....this week the hardest for me in a long time, in terms of direction..I thought we would me up much up by now given last week, but 71 pts down for it to go up same had to go lower..but how much lower is the question.

Yes, its going to turn up a good 40-55 pts but at what price...today should tell I think. So yes I still at lower price of 1393.50 and both at 1 tick profit..1393.75.

If I get stopped out will try again....but depends on price and time