es on 8-14-08

covered my short at 1277.75. Got really lucky here. 15.25 handles on an overnite swing trade.

nice volume spike at the high...biggest of the day on Volume...with any luck they'll test the
90 again....if

.....TICKS can keep breaking down

Nice call, Bruce.

Call me crazy but I bought this dip at 89.50. Momentum to the upside just wont quit in spite of the correction, and distribution is displaced from 1313.50. I fully expect a rally into the close. BSD wont let the Euro crowd mess with this blatantly obvious orchestrated effort.

If I'm wrong. I quit. Posting, trading, everything.

SPQR, im curious, what stop did u use on your short at 1297.75?I cant over getting stopped out one tick below the daily high! That has happened to me more than i like to admit.

BOUGHT 1290.50, COVERED 1292

Thanks SPQR...it was that beautiful volume spike at the high.........these volume bars are attracted to each other....so the spike at the high ( especially after the big up move) once it rolled over would try and test the next high volume area that was created that day...for me I was also thinking about the second set of singles ( Not the first set ) would get tested as they do quite often.... so we have some good magnet prices to try and take that sell up there...

quote:

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Originally posted by SPQR

Nice call, Bruce.

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When I scalp with a 5 second chart I go bare limit in, market out. Using a 5 second chart you see swings within individual ticks. The fills are amazing, and it gives you ample time to get out before it moves against you hard. It's the new tape as far as I'm concerned. Were it not for the 5s I'ld use a two point bracket stop limit without a defined target, and once filled get rid of the strategy on the dome and manage it free hand, leaving the stop in place. I've found though that if a move goes against you 2 ticks without bouncing back, take it on the chin and reassess to get a better fill. The thing with tight stops is Quants factor in taking them out.

Swing? 1% or 2% of the index price to account for retracements, depending on how long you're talking about. Set it to breakeven after 4 points and manage it.

There's little sleep in the swing, babe.

I don't subscribe to market profile or the like but I use a volume at price chart similarly, though it's only good for 24 hours. Forecasting single gap fills and directional movement at multiple distributions per the distribution curve is far more discretionary than just reading price in my opinion but it's a good back up for confirmation if you have a setup already in mind.

I've been following Sassoon's and Jones' career from afar for awhile now. Brilliant guys. That 5 & 20 period POC is I'll bet worth the price of CQG add MP. My wallet creaks though, man. heh, heh

The thing I love about MP is that if you are good at it you can forcast a trending day, non-trend, neutral day, double-distribution day. Its not a buy/sell deal, I know that I can buy low, sell high on non-trend D-days, go with the trend on trend days its worth its wieght in gold if you ask me.

Hold my feet to the fire if I'm wrong but by my count the 3rd wave of the 2nd impulse of the bull failed on its 5th wave. If I'm right we're due a triangle in three moves ending on the C wave/impulse 1 wave 1 of the bear. It's hung up in the leg cross-channels of the chop after the 2nd impulse 2nd wave pullback dropped from 1313.50.

I'm not saying short the market just yet. But it's lookn' good! ROTFLMFAO