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 5 years ago '10        #721
Ambassador 444 heat pts444
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I guess I'm the only one holding it down in here tonight

All good. Study those charts

I think we see another leg down, soon.
 5 years ago '08        #722
o7media 41 heat pts41
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^^ I'm frustrated. I ended up taking a loss on FB because I got greedy. Was up $3,400 yesterday (168%) and ended up selling for about a $900 loss today.

Also ended up taking a loss on GPS but it was small, like $200.

Made about $300 on a BTU day trade, and another $25 on a SPY bounce. So was able to get back some of my losses....

But still, stupid a.ss greed on my part.



...But I have my play ready for tomorrow as long as it doesn't gap up. I'll be loading up on ESRX 55x July calls that closed in the .90's today. Looking for around a 2% pop on it tomorrow.
 5 years ago '10        #723
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Understood, my man.

I knew you were having a rocky day with all those calls you were holding. That's what happens though, right?

If I lost 200 in a day, you'd probably never hear from me again

I don't know how we open, but I'm expecting another leg down. 1330ish on SP500. It's been mixed the past couple weeks though. It's ridiculous
 5 years ago '08        #724
o7media 41 heat pts41
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I think we've pretty much hit the lows for the week. Max downside I'm seeing is to 1332 for the week, and we already fell to 1336 today. But, if we don't bounce back by Friday then I'll be looking at grabbing some SPY puts for a move back down to 1300.
 5 years ago '08        #725
o7media 41 heat pts41
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 o7media said:

...But I have my play ready for tomorrow as long as it doesn't gap up. I'll be loading up on ESRX 55x July calls that closed in the .90's today. Looking for around a 2% pop on it tomorrow.

ESRX.... rallying, heading for $56.

Grabbed the calls this morning at 1.00 and .85 (averaged at .95). Now around 1.35.
 5 years ago '10        #726
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Not bad. What's your strategy? What do you look for when buying and selling? Other than usual support or resistance.

Btw, I hate this divergence. Dead today, man.
 5 years ago '10        #727
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 iNsane said:
I agree. TOS has pretty much everything. But it's so detailed, I get frustrated with all their options and what not. It's fully loaded nonetheless.

Only reason I use E-Trade though is because it's sleek and organized
Hey man could you please tell me if E-Trade allows users to enter formulas for the scans ? Rookie question.
 5 years ago '10        #728
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Market extending losses. I'm thinking no signs of QE from Big Ben.

I see at least 1330-1334 in coming days.
 5 years ago '10        #729
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 PaperBoy971 said:
Hey man could you please tell me if E-Trade allows users to enter formulas for the scans ? Rookie question.
Sorry my dude, I don't use scans.

o7media might know something about that. I know he uses scans frequently.
 5 years ago '10        #730
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Expecting more downside tomorrow. I thought eod rally was short covering.
 5 years ago '08        #731
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 o7media said:
ESRX.... rallying, heading for $56.

Grabbed the calls this morning at 1.00 and .85 (averaged at .95). Now around 1.35.

Sold my calls at 1.28. Ended up going to 1.45 in power hour

Took a loss on GLD puts, could have been up another $400 for the day. Only made $700
 5 years ago '10        #732
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 o7media said:
Sold my calls at 1.28. Ended up going to 1.45 in power hour

Took a loss on GLD puts, could have been up another $400 for the day. Only made $700


 5 years ago '08        #733
o7media 41 heat pts41
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 iNsane said:
[/B]

Still made $700 for the day


 iNsane said:
Not bad. What's your strategy? What do you look for when buying and selling? Other than usual support or resistance.

I'll let you know after you purchase that subscription
 5 years ago '08        #734
o7media 41 heat pts41
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 PaperBoy971 said:
Hey man could you please tell me if E-Trade allows users to enter formulas for the scans ? Rookie question.
Not sure what you mean by formulas. You can customize scans with your own settings, which is what I've done at Etrade. But I don't think that's the same thing as you're asking
 5 years ago '10        #735
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 o7media said:
Still made $700 for the day





I'll let you know after you purchase that subscription
fu*ked up

But, do you think Elliott Wave is accurate? I can't just trade using moving averages and volume. I've lost more money than I've made using that strategy.
 5 years ago '08        #736
o7media 41 heat pts41
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 iNsane said:
fu*ked up

But, do you think Elliott Wave is accurate? I can't just trade using moving averages and volume. I've lost more money than I've made using that strategy.

I don't think Elliot Wave theory is accurate, and I don't use it. But I also don't just use moving averages and volume either.

Look into Fibonnaci Arcs. Best thing there is IMO. It'll help your trading a ton.

Here's ESRX with a fib arc drawn on it. This is why I was so bullish yesterday, and it reached my 56.20 target (high of 56.22) as that was clear resistance on the daily. Had an extremely bullish close yesterday, and really had nowhere to go but up. When the markets were at the lows (around dow -120) ESRX was still green, barely..but still green. Performed great today.

Don't listen to other people about Fib Arcs. It's not a popular tool, most people find them very inaccurate and just use regular Fib retracements. But if you know how to use it it's like insider trading



[pic - click to view]

 5 years ago '10        #737
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 o7media said:
I don't think Elliot Wave theory is accurate, and I don't use it. But I also don't just use moving averages and volume either.

Look into Fibonnaci Arcs. Best thing there is IMO. It'll help your trading a ton.

Here's ESRX with a fib arc drawn on it. This is why I was so bullish yesterday, and it reached my 56.20 target (high of 56.22) as that was clear resistance on the daily. Had an extremely bullish close yesterday, and really had nowhere to go but up. When the markets were at the lows (around dow -120) ESRX was still green, barely..but still green. Performed great today.

Don't listen to other people about Fib Arcs. It's not a popular tool, most people find them very inaccurate and just use regular Fib retracements. But if you know how to use it it's like insider trading



[pic - click to view]


I'm familiar with Fibonnaci Arcs.

Regrading Elliott Wave Theory, at first, I didn't think it was accurate either. I thought something was missing.

I speak to this guy on Twitter quite often. His methodology consists of Elliott Wave Theory, while incorporating Harmonics as well. It includes using Fibonnaci Retracements to predict precise tops and bottoms. It's quite accurate actually. I was just wondering if you're familiar with what he uses. Its called Harmonic Elliot Wave. The guy who came up with this, Ian Copsey, states specifically where R.N. Elliott went wrong.

His analysis is pretty accurate. The SP500 levels I state here everyday are levels he thinks the market will reach. Oftentimes, he's on point.

Just saying
 5 years ago '08        #738
o7media 41 heat pts41
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 iNsane said:
I'm familiar with Fibonnaci Arcs.

Regrading Elliott Wave Theory, at first, I didn't think it was accurate either. I thought something was missing.

I speak to this guy on Twitter quite often. His methodology consists of Elliott Wave Theory, while incorporating Harmonics as well. It includes using Fibonnaci Retracements to predict precise tops and bottoms. It's quite accurate actually. I was just wondering if you're familiar with what he uses. Its called Harmonic Elliot Wave. The guy who came up with this, Ian Copsey, states specifically where R.N. Elliott went wrong.

His analysis is pretty accurate. The SP500 levels I state here everyday are levels he thinks the market will reach. Oftentimes, he's on point.

Just saying

Well according to Elliot Wave last year during the correction it was pointing to a crash, or a lot lower levels. It also does not provide accurate timing from what I've seen anyway. But a lot of people like it, and it works for them I guess.

Gotta use whatever works for you. I find arcs to be extremely accurate, and they also provide a time frame unlike regular retracements.

Here's a chart of the Dow Jones monthly. Look at the bottom last month in June, it was exactly on the 38.2 arc support. And we've bounced almost 1,000 points since. Arcs provide key areas that are otherwise 'hidden'. And the great thing about them is that they work on all time frames from 1 min to 25 years.


[pic - click to view]

 5 years ago '10        #739
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 o7media said:
Well according to Elliot Wave last year during the correction it was pointing to a crash, or a lot lower levels. It also does not provide accurate timing from what I've seen anyway. But a lot of people like it, and it works for them I guess.

Gotta use whatever works for you. I find arcs to be extremely accurate, and they also provide a time frame unlike regular retracements.

Here's a chart of the Dow Jones monthly. Look at the bottom last month in June, it was exactly on the 38.2 arc support. And we've bounced almost 1,000 points since. Arcs provide key areas that are otherwise 'hidden'. And the great thing about them is that they work on all time frames from 1 min to 25 years.


[pic - click to view]

That's why I think the original EW Theory was wrong. I don't know what the HEW Theory was suggesting at that time, but I doubt it'd be pointing to a crash. You're not sure as to what wave is unfolding until you see what is playing out in the smaller time frames.

I'm just speaking on behalf of what I've been reading. I'm currently finishing this book I bought regarding HEW. Actually using it for trading though remains to be seen
 5 years ago '08        #740
o7media 41 heat pts41
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 iNsane said:
That's why I think the original EW Theory was wrong. I don't know what the HEW Theory was suggesting at that time, but I doubt it'd be pointing to a crash. You're not sure as to what wave is unfolding until you see what is playing out in the smaller time frames.

I'm just speaking on behalf of what I've been reading. I'm currently finishing this book I bought regarding HEW. Actually using it for trading though remains to be seen


That's another problem with it, like you said. You're not sure what's going to happen until it actually happens...which kind of defeats the purpose of trading.

With fib arcs you can see what's going to happen...all clear major support/resistance points and you can see when it's going to happen.
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