Yesterday started with several losses (mostly from AONE) which were mitigated with one sweet trade in AIG in the afternoon. The TOL trade was peanuts. It pays to pay attention, you know. Below, I posted annotated charts with my AONE loss and my AIG win. Things to be learned from both trades. In the end, I won. Winning sure is more fun than losing, but I don’t have to tell you that.
There are a lot of people that try to mimic my style, but it’s not for everyone. In fact, it’s probably not for most people. I never had a mentor to teach me so I found my own way all by myself. Stop copying people and go explore your own path. What I do should just be one tool in your toolbox, mostly likely the HAMMER. Go through my educational articles and find out who you are and what style best suits you.
The SPX, along with many other indices and individual sectors, formed shooting stars, black-filled candles, and all types of doji. The narrow range, again, made it difficult to trade. Know when to just stop and watch. You’re not missing anything. This lack of follow-through is killing the probabilities of even the highest probable trades, thus reducing the chances of success. I am looking for range expansion, follow-through, more volume, and other characteristics so I don’t have to deal with uncertainty.
Beware of false breakouts and breakdowns. The tell is the volume. Here’s a little summary:
To go long:
Breakouts – bullish on high volume. Buying with pressure and conviction.
Pullbacks – bullish on low volume. Indicates healthy consolidation.
To go short:
Breakdowns – bearish on high volume. Selling with pressure and conviction.
Pullbacks – bearish on low volume. Indicates healthy consolidation.
Didn’t I write an article on this? Anyway, HAPPY BIRTHDAY to iBankCoin! Almost exactly a year ago, I got on board and enjoyed it ever since trading with some good folks and dealing with a bunch of assholes.
Have a nice day.
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solid.
…”Stop copying people and go explore your own path.” …
Great quote. Probably the single most important thing to learn if one wants to trade successfully. BTW how’s school going?
brought back memories and its different. i’m enjoying the experience.
Thanks CA. Nice one on AIG.
Anyone living in or will be in Los Angeles from tomorrow till Nov 15th? I will be there to chill/hang out , no training.
Wanna go Vietnamese coffee shop in OC to check out hot cute girls, CA??? Pls let me know LOL
i have standards
First post here. Great work, CA. Enjoyed your style of making things so simple. Learned a lot from you.
should have kept shorts longer
now long cautious oil into report
out with 12 tick loss – later
now
out half 78.54
+24 ticks
beautiful
out 1 more 78.72
+42 ticks
resistance area
1 more to go
had to expect that bounce – 1092 /ES, 1.4900 Euro, 78 oil are all support
out the last one 78.62
+32 ticks
could be more to go but who cares
hey milkman,
little scalps for:
$450 on /ES last night
$500 on /CL last night
-$480 on /CL at open
$480 on /CL 1st half
$420 on /CL 3rd contract
$320 /CL 4th contract
$1690 – yeah we’re fucking idiots around here
poss trying to go long oil again soon only 1 contract
in 78.03
out 78.00
-3
don’t like it yet
CVVZ just got Nasdaq listing, one of the 4 upcoming catalysts… will report earnings tomorrow AM, starts trading on Nasdaq under CVVT on Monday.
CVVZ bought @ 8.51 two days ago… added this morning @ 9.00
Short $GMCR 67.24
cov $GMCR 67.24 flat
SNTA! I love you.
AIG
CAGC
sva
Bought $JDSU 7.80/frac
aig moving again
Sold $JDSU 7.83
Euro is giving up.
feels like currencies are a little less important lately – might be a problem for the bulls
Check HD
Bought $REV 15.55
Hey CA, just wondering why your Tues night video on Stocktwits is not there??
I just asked Stocktwits and they told me that Livestream’s server may not have recorded it. They are trying to recover it if it’s there.
I will get to the bottom of this as I just looked into it now.
Bought $STEC 13.94/95
STEC
oil just decided to follow the 100+ pip downside move in the Euro – it has been biased toward following the SPX for a few days – 2 down, broad market to go?
still trying long report 77.70
out 77.72
+2
too damn risky
looking for 76.71 for support on a break of 77 to cover half
half cover at 76.71
+32
looking to re-short 77.30 area
1st Euro
2nd oil
3rd SPX – I felt that in my bones like an old lady in the rain
Euro must bounce in the 1.4820’s or bulls are in big trouble
Sold $REV 15.69/70
Sold $STEC 14.16
$GMCR test short 67.72/73
actually its 67.79/77/761
$SVA b/o
$RIMM $PALM b/d’s
out $GMCR 67.76 – stabilizing
Bought $STEC 14.23/frac
GOGOGO
oil in pennant – imminent break – not taking it without volume
hah – that’s why
failed to upside with no volume
still may want to go watch 77.29 for resistance – if it clears shorts will be stopped / vol will pick up
did it!
in
stopped at 77.33
-1
oil almost recovered losses from the report – /CL will now prob build an asc tri
Euro firming and trying to catch a bid
pattern failures and crap chop – I don’t feel like trading this shit. done.
wow $GMCR test short added back 67.47
$JDSU b/o
sva
Sold $STEC 14.26, covered $GMCR 67.17
1 hr chart oil at critical level – downside extension could test 75.50 trendline
@ 76.80 265+ contracts on the offer holding it down before the last spike down
this could prove to be an excellent place to go long oil near/intermediate term.
that was a damn fine bounce!
every other time we’ve been here, we’ve seen $1.80 to $2.00 plus gains within a day or so if you can stand the volatility.
I’m in for one car from 77.00 on the broken downtrend line on the 1 min chart for the day
I don’t care we grind down now as long as we do not break back under the downtrend line
Euro at support just below
/ES 1088/1089 should be strong support
back
your thoughts on /CL please?
1 hr / 1 min charts for a swing
neutral on the swinging. still range bound
pre-2:30 floor session close should be the tell.
I’m chicken little on this one – only 1 contract
nice spike in $LDK
Bought $STEC 14.45
2:00pm USD Federal Budget Balance EXPECTED -152.5B
Bought $POT 102.07
Sold $STEC 14.51 – too slow
Sold half $POT 103.19
Sold 1/4 $POT 104.08
Sold final 1/4 103.66/72
Biought small $POT 104.15
Sold 104.15 trigger oh well
I got that to..it was on my screen..did you see dividend news or heat map? JUST WONDERING YOU USUALLY ARENT PLAYING 100 STOCKS
no. I caught right at day’s high. Made close to $1k.
Dollar stocks were over like 2 month’s ago. Right now, anything goes. Anything that makes money, regardless of price.
OK THANKS ON A HIGH BETA SCREEN MAYBE…ALERT AT NEW HIGHS? JUST TRYING TO FIND THINGS MOVING
I am looking at anything that’s liquid, easy to get in and out of.
short BRCD 8.04,3
nice short, Purdy
Thanks, I’ll take a percent here and there in this mkt
covered half at 7.95 …the rest at 7.96
Small $AIG short 36.20/22
short TLT at 93.48
cover 93.40
Covered $AIG 36.18 – sick of waiting
For all this USD death talk, it never made it back to the bottom of the channel again on this rip. It looks like it is has found some support and is putting in a near-term bottom. Expecting a 2nd attempt to try the upper line on the channel.
After a rough day for the Euro, it’s extending losses at -155 pips (this is a big move compared to recent volatility) , it is very near the March uptrend support line again (2nd try to break the rising wedge).
As I said above, currencies were the VERY early tell today and, with the market back into the range from Monday, reaction here is important.
in /ES 1085.75 for 1088 target overnight
want more if I can get 1085
Anyone like the ROVI chart?
Does anyone have a preference for one trading platform over another? Thanks for the advice.
I personally like think or swim. Used tradestation for several years..like TOS better. Check out several and see what suits you best.
IB has cheap commissions, great customer service, EXTREMELY weak charting.
Tradestation is nice, platform fees can be a real pain.
Never used TOS.
TD Ameritrade bought Think of Swim I think. I’m using Strategy Desk software. It’s the best one and free.
I read u often. U make a lotta horse sense. U mentioned volume a good indicator. But from March lows till here volume has been pretty bad one following it would hve missed the train many times. What to do.
It’s okay to miss many trains as long as you catch the best ones.
closed / CL long 77.07
+7 ticks
/ES long hit target
+2.25 points
also got my 2nd /ES fill at 1085 as mentioned
+3 points
CEA has an interesting chart
(hope you’re over your bug retox)
JL- fyi STEC up almost 8% AH
Nov 13 8:30 AM Export Prices ex-ag.
Nov 13 8:30 AM Import Prices ex-oil
Nov 13 8:30 AM Trade Balance
Nov 13 9:55 AM Mich Sentiment-Prel
Nov 13 9:55 AM Mich Sentiment-Prel
Market mover!
Mkt is vulnerable to anything negative today
Euro deciding here
I bought RINO yesterday and sold on open market. I feel so lucky today
niiice
Almost all in on RINO yesterday that’s why I feel so happy
long /ES 1088.50
out /ES 1085.75 wtf
-2.75
Forgot about the 9:55 announce
I ALWAYS forget unless I add big yellow time lines on my chart in the morning
im a fan of the cell phone alarm personally
Good ideas guys. I think I was relying on Ben at the pit lately…today I wasn’t listening
APOL!
anybody get that? it sold off .80 cents a few minutes later
this has been an awesome short over the last several days…
(allegged) corruption, scandal & lies always work to drive price
HLCS may launch
YGE long
oil asc tri 1 min
covering hlf 75.60
+12
2nd half 75.67
+5
too volatile right here – could run fast either way
Feeling good and feeling like I’m done for my much needed vacation.
Be back December 3rd.
Everybody short some Euros for me would ya.
have fun 🙂
Are you trading on Forex?
I do trade forex but, no, I’m saying short Euros so I get a better exchange rate.
You’d do that or me right?
If I know how to play, I will go with you, lol
Have a good one retox!
I’ll join everyone in wishing retox a safe and enjoyable holiday!
thanks all – I’ll actually miss all of this!
DRYS may be waking up but vol low and sloooow.
I will update over weekend. Gonna go have some fun in los angeles right now.
everyone have a great friday
Have fun, CA. They have some nice clubs in Los. Check it out
have a safe trip – enjoy
SPX ready to bump the uptrend line on the day
/CL in a sym tri – trying to the downside
Euro in a pennant
all are ready for a move
kick ass break on oil
BIG snapback will come if SPX / Euro go
watching SPX very crefully to poss reverse this short – stops in place
looking for .49 on failure
1098 SPX was resistance – should make another go at it but oil is vulnerable
besides, who wants to own so close to 1100 into the weekend the way it acts there????
covering 1 @ 76.72
+14
awesome set-up on that trade! A+++++
just had to have faith SPX would break the line – usually I wait but I would have missed the best part of the trade.
covered 2 more at 76.64
+20 ticks
1 left
SPX needs to give up 1096 / Euro needs to give up 1.4912
SPX gasping for air
will add to the short or cut very soon
never got high enough to add more – was looking for .91 – not moving enough to stay
covered last one 76.79
+7 ticks
Hard for me to stop trading sometimes – the damn screen sucks me in.
that turned out to be a major reversal for the day
now watch Euro to give up 1.4900 for more SPX downside – it’s trying hard not to
broke – here we go
AWESOME SIGNAL!
brought in paper sellers / brought oil out of the pennant / took SPX negative within seconds!
buyers at the close expecting another 90% Monday would be just too funny
funny time is here
ur trades are fuckin sick. ur making me think i should start trading contracts. never have. but follow your sick ticks.
ur killing it….bastard!
it’s like catching a fly in your teeth sometimes
and how did you know my dad left when I was 6 mos. old?????????????????
GT but some vol would be nice
NLST break out
QUESTION: What publicly-traded companies are expected to benefit from Obama’s global warming bill, in 2010?
Thanks in advance,
Brian
have a buy in oil at 76.41
very heavy resistance at .40 holding it back (was 300+ contracts on the offer)
woosh – bought @ .41 and sold @ .48
+7 ticks on a 5 lot
mother market gave me that one for free
Watch your time and sales for trades like that (after the floor session only).
Big chunks were being snapped up left and right until it hit a wall at .40. It kept pounding – let the money of others knock the door down and ride their money up with a reasonable target – they will all want to get out as well and you have to be first.
Nailed that top by a penny.
Always put buy and sell orders in together in a trade like that – NOT a triggered limit order. Your limit order will not hit the CME until AFTER your buy order gets a fill.
Enter the sell WITH the buy to be first in line before others gather at the target especially near resistance or support…
FUQI break out
GNBT break out