Friday, October 02, 2009

Repurchased on unit at 1020.75

14 comments:

DL said...

Interesting. I actually had closed out my trade literally seconds before you posted. Despite the fact they we have opposite positions our actions are in sync. I'm assuming that's a good thing since we are both making money.

extrader said...

GLD is up, USD down after the jobs data came in disappointing... and the only reason the market will move up is because the Boyz that drive this market are sensing that the FED may have to pump additional liquidity in the economy to avert another deflationary downward spiral!

Just like the runup from 666 lows were FED driven, any run to 1100 will be FED driven... Can you imagine if the FED's books were audited?

Good luck

Kishore said...

Carl, I hope find to answer this question.

For your intra-day trades, I was wondering if you are looking at the intra-day market internals, like TICK, TRIN, ADVN-DECL, UVOL-DVOL etc.. If not, then why not?

Kishore said...

Correction:

Carl, I hope find time to answer this question.

Carl Futia said...

No,no,no, and no. My price and volume bar charts tell me everything I need to know about the market's condition.

Teich said...

I agree with Carl said; he has been trying to teach us to read the charts the same way.

If I see /ES jumps 2 to 3 points on good volume (> 15k contracts in 2 min), I think $TICK will be at ~1,000 without even looking at it.

Teich said...

Hi Carl.

I see a bullish-looking ascending triangle forming on /ES 30-min today, after the initial plunge at 8:30 AM EST.

Target might be /ES 1035, but probably not reached by the end of today

pimaCanyon said...

good question, Kishore.

Carl, I know that you do not answer every question your blog readers ask, but your answer to Kishore's is very much appreciated. Your trading style seems very clean, cutting through all the noise to focus on only those elements that matter most.

Have a great weekend!

extrader said...

Lets look at SPY for the moment...

Everyone has been looking to get in on SPY at 102.50... This may be a good entry point, because at this price it has trendline support, 50MA support and 62% retrace from the high of 108.00 come from the Sept low of 99.00... I guess this was the line in the sand everyon was watching!

Good Luck

Kishore said...

Carl, thanks for your answer about market internals.

I have been using market internals and have often been fooled by them. Your answer is a major milestone for me as it changes my outlook. I agree that the price and volume are more indicative of the market intentions. Resistance, support levels give us the potential points for change of direction. This approach also is in line with he approach using Elliot wave counts.

The indicators and internals adjust to the market movement and not vice-versa.

Nevertheless, not trying your leg, can we not use the internals for supportive evidence, if not as the primary decision making criteria?

Thanks again, Carl!

extrader said...

Kishore,

Every trader has his/her ways to trade, so if ur way has been working why switch it? Other traders use market internals, support/resistance, binary pts, fibs, trendlines, stochastics, etc... u name it!

For Carl, its price/volume... Stick to what works for u... jmo

extrader said...

Kishore,

follow up to my earlier post, use Carl's blog as a resource or another idea for the day ahead...

If Carl feels like showing his trade ideas, im sure he would write a book on it, why give it out for free?

Kishore said...

extrader, going short at this time is like squeezing blood out of a turnip. The margin of error is small and the risk/reward ratio is high. The market may make another downward swing but the danger of a snap-back rally is there. A snap-back rally would be a killer for short positions.

Carl's approach focuses on MAJOR turning points. The margin of error is smaller and the reward/risk ratio is high. Moreover, it is too confusing to look at too many parameters as it makes it easy to lose sight of what is lot more important.

Kishore said...

extrader, nothing has worked for me except for very short duration scalps based on market internals but I invariably miss or have been counter to the big moves.

My major losses have been due to counter trend positions and my inability to take a loss.

I have been trying to become a trend trader and I find Carl's approach to be a very good one for that. I agree that we should use all of binary pts, fibs, trend lines etc. for resistance and support.