Thursday, September 04, 2008
Covered!
Since the 1250 level was my original target and since the market has come down so much in a short period of time I decided to cover my 1 unit short which I did at 1249. I am now flat. I am inclined to think that this market will close weak today so I am thinking in terms of shorting a rally of 8-10 points if it happens in the next hour or two. I'll let you know if I do.
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10 comments:
Thanks for the updates!
Do you still see a rally coming from near these levels?
You just prove how a typical day trader losing money all the time.
I am a day trader and I make money all the time! I think Carl is a more mature trader and catches the bigger moves...... yet he is not afraid to admit he was wrong but knows you can not catch any fish if you are not on the water. So.... he has been a day trader for the first time in two years as far as I can tell.
Will
I want to see a dip below 1246 and then an 15min bar close above 1250 at which time I will be a buyer
Excellent trades, Carl. Nice work in going with the market and adjusting your position to changing market conditions.
Greg
Hi Carl, great post as always. I dont think I have seen so much whipsaw in this market before.
Did a google search on how to avoid them and found a good indicator called the "Squelch Indicator" Yes I know the name sounds silly, but the inicator is really good in avoiding whipsaws. Let me know what you think.
KJ from London
carl,
GOOGlost support at 460.what is next
I think a number of commentators on this site have expected this, then a test of the lows, a break and a new low,probably around 1100.
That is why there was so much amazement at the bullish stance.
Big picture, this is a bear market and the easier trade has been to sell. I rather expect that intial rebounds from here will be rather limited, not giving much opportunity to resell.
Catherine
This mkt is going to hurt many people thru 2014, give or take a year.
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