Crazy morning! King Dollar is down a full point. Futures even. Gold/oil barely up. Feels like armageddon is on the horizon.....
Massive short covering in the Euro. Bought it about a week before the bottom and was stopped out, kicking myself now.
I want to thank you kind sir, for your knowledge. I piggy backed your trade above and I'm up quite handsomely today. One of these days I'm going to take you to Fogo De Chao! LOL!
No problem. Remember this is a very short term trade, just playing the waves. Already covered some down here, the rest seeing if we can hit 1060. Looking for an up day on OPEX tomorrow, then see if we can continue lower. Have to use price action to determine exits here on out.
Definitely was not an easy hold yesterday in lieu of the GS/BP double wammy. The portion that I covered turned out to be the low of the day, which made the hold a bit more palatable. In the end it was just another example of news being BS, and technicals playing out. A few ES points away from our 1060 short term target. The debate I am struggling with now is whether to cover this short term trade for a win, or to reevaluate and hold for the longer term, since we once again got a great entry price at 1100. I am debating this because if this 1100 does turn out to be the inflection point of another leg down, then we will not have the opportunity to add at the 200SMA as planned for the long term short. It may be better to simply hold on, and lower our long term stop to 1100, from 1130(that was lowered from 1150). With the Public no longer active in the markets, these turning points have been setting up more and more non-conventionally. And harder to play. We are truly up against the best of the best now. When the Fool is no longer in the game for the Greater Fool theory to work, the game gets that much harder. When before we could use conventional TA to take advantage of the clueless Public, now we must use un-conventional TA to take advantage of these conventional technicians. Some examples of un-conventional TA- Cycles Fibonacci counts(not retracement) Astrofinance If you don't know conventional TA yet, stay away from this stuff. But otherwise, these are some of the things working the best nowadays. EDIT: 1060 hit. Covered half, leaving other half on for long term with 1101 stop.
I can't guarantee that the 1130 short will work out. I can't say for certain that the 1100 add won't get stopped out. But the way AAPL(THE market leader) has been, and is currently trading, it should not be a surprise to any of you. It has been gone over time and again here. And it certainly bodes favorably for our aforementioned 2 trades.
Free money alert: ESI +6.13 (7.08%) and APOL +3.98 (8.73%) are up BIG in early trading. I already have my shorts in. These trades will pay for a nice little trip to the Carribean (without my common law wife :grin
In play? The death cross is a technical event that has occurred on the SPX, and almost certainly will occur in the NDX. This does not necessarily mean anything HAS to happen. Mango provided a link that shows it does have some negative connotation on a historical basis. However like I stated in a previous post, this particular technical event is so widely followed nowadays, CNBC even called for it, that you really have to take it with a grain of salt. Personally I would not trade solely based on it.
Cxbby, why do you feel this way? Is this purely for technical reasons? Fundamentally the company is obviously doing very well after yesterday's earnings release. What do you project will happen with AAPL from now until the end of the year?
Was saying that purely in jest. Technically 265 was a strong area of resistance. I am still short a portion from 275 with a breakeven stop. I have no year end projections, and I certainly haven't the least bit of interest in company fundamentals. All I have is a spot, a level, a price, in which it gives me an edge to play the stock a certain way. In this case it was short at 275. Whether the stock goes to $10 or $1000 from here on out is irrelevant. Each individual trade is part of a collective process, a roll of the dice. And hopefully if your process is functional, the dice will be stacked in your favor, in the long run.
I see... I'm just trying to understand and learn. What's your target to take profits for AAPL for what's left with your position, the 225-230 range?
Just looking at price action right now, so no concise target. Although 224(200SMA) to 215(Jan 10' high) is certainly a spot to look at if we end up there down the road.
Looks like another chance to add shorts at 1100 coming soon. With the way the market is bouncing around, looks like there will be chances to add once or twice a week.
