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down 1.01 from my entry this morning. I made $200.02 bucks today.
so you covered your short?....just checking....
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so you covered your short?....just checking.... -
No still holding the short from 52.65. Now down 1.53 from my short entry. I really expected both indexes, INDU and SPX, to drop farther today and expect both to correct more than where they closed today. Both are, were at the 12750 levels, which are the same levels they both reached on two occasions in 2011 and both corrected at those points in 2011. I don't see anything that should be making either one support these levels with the economy here and in europe in the crapper. I just don't understand it. but do believe both will consolidate farther than where they closed today. your feelings on both the ROST short and the Indexes?
still holding both long trades with HOV and GCA which both surprised me also today as I thought both would give back more than they did today.THE SKIRACER'S EDGE: MAKE THE EDGE IN YOUR FAVOR
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On ROST: I'd ask $48 with a 7% stop...it won't touch $44....if it does, then I doubt it'll see Mr. Ms target within 4-6 weeks...Mr. Ms entry is a bit aggressive, but ROST has potential here to breakout of it's present trend...it's been testing the upper limits of the channel since the start of the new year and it's traded sideways after the last two tests of the upper limits last year, it didn't really pullback but traded sideways.....it could be time for the upper channel resistance to give way and ROST may not offer that $48 entry..... I agree we're due some market pullback with the higher highs on declining volume....so if ROST dips a bit to $48 I see a better risk/reward trade offered....an entry above $50 isn't for me...it would mess up my math....your feelings on both the ROST short and the Indexes?
I do think your wave count is off a bit...To me, we're still in the 5 up on the weekly, especially since your "b" leg took out the high of your 5....I'm looking for a classic a, b, c to form with the high of 5 holding above the b...if that happens and we maintain the channel we'd have a solid "c" to trade around....I can't respect a "c" that's marked off a "b" that didn't respect the 5....Like Spike would say, either you can count it or you can't...don't force it....
On the Indexes: All green....I think we test 13000
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nice analysis Hags. Spike only adheres to the rules and regs when it suits him. We both know he can stretch things abit to fit his agenda as he pleases. isnt he the one that coined "fuzzy logic" or something to that affect. I had to really go back in my head to bring that one back up. Actually the c leg does stretch it a bit past the high of 48 with the 5th wave and I was torn with that a bit but the proof will be in the pudding and the outcome. $44 may be a stretch but I see no problem with 48 since that would coincide with the high of the 5th wave but I can visualize it going down farther before it goes back up because I feel the indexes are overbought and need a correction and if that is the case then everything will most likely follow suit. they have pushed 13000 on two previous occasions last year and failed both times. I dont see where at any time last year ROST tested these levels or trades sideways. it has been in a definite uptrend since sept/oct of 2010 except for those blips between may and aug/sept of 2011. other than that it has been all up. and that correction only validates my position that they all need to consolidate at some point as profit taking takes its turn which it did during may /aug of 2011. and it was way above the 70 line on the RSI scale then when it corrected as it is showing now.
I wasnt considering a buy on the long side regardless of the risk reward as I never felt that it would go any farther up from when I first mentioned the short possiblilty. at 52 i felt it was way overbought and still do here at 51. although there is no apparent resistance above it here, i didnt do a fibonnaci retracement on it, I still wouldnt touch it at 48 with the indexes at these levels and an imminent correction a possibility. I also feel that if you asked a dozen people to do a wave count you would get a dozen different interpretations. right now the count that i did seems to be working out pretty good and the trade also so as to doing it right or dont do it then it becomes a matter of opinion. but i do agree somewhat with every point that you made except for doing it right or not doing it. everyone should at least live by their analysis whether they are right or wrong as long as they can give some substantive support for their argument and at least honor their stops. i miss all of our discussions from those days at spikes place. it certainly tested our abilities and analysis. those were good times, i hope he is doing well wherever he is.
Originally posted by hags View PostTHE SKIRACER'S EDGE: MAKE THE EDGE IN YOUR FAVOR
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here is the blog address for a guy, deron wagner, and website, Morpheus Trading Group, that I have been touting for years here. actually one of the biggest influences in my initial changeover to swing trading and developing a plan and a strategy and trading principles. one of the sharpest guys I have met and really on the ball. I paid good money for a couple of subscriptions to a couple of his trading letters for years and now you can get all of his trading knowledge for free with his blog which is just starting up a few days ago. if this isnt worthwhile then I dont know what is. here is the address:
http://morpheustrading.wordpress.com. he starts is off with a great explanation of Fibonnaci numbers and how they work and how to use them in your technical analysis.THE SKIRACER'S EDGE: MAKE THE EDGE IN YOUR FAVOR
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this guy will help make you one of the smartest guys on your block Luc. glad you took the time to take a look at his blog. good luck.Originally posted by Lucavia123 View PostTHE SKIRACER'S EDGE: MAKE THE EDGE IN YOUR FAVOR
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Thanks ,ski, we appreciate any legitimate stock services especially since 90% of those available are hucksters, hypesters, or con men. Morpheus has a proven 10 year record of all its gains and losses and your recommendation is good as gold.
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thank you billyjoe. I've been trying to impress that upon people here ever since I've been coming here. this guy is legit and very astute when it comes to trading across the board.Originally posted by billyjoe View PostTHE SKIRACER'S EDGE: MAKE THE EDGE IN YOUR FAVOR
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exited HOV this a.m. @ $2.50.
exited GCA this a.m. @ 5.40
Still holding the short on ROST from $52.65 / + 2.10 at the present
Looks like the indexes are correcting as expected.THE SKIRACER'S EDGE: MAKE THE EDGE IN YOUR FAVOR
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Very good site. Is the subscription worth the money? Anybody makes $$ off their picks?Originally posted by skiracer View PostComment
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I dont subscribe anymore but did for years. learned a wealth of info regarding short term swing trading and made a ton of money with them. I gave up the subscription a year or so ago. decided that I was into my own parameters and found that I didnt have the time to be on alert for his entries. have kept in touch with them and still use his site and read his blog daily. he now has published his blog for everyone to follow on youtube or thru the link I gave you. he's a very astute trader and very very disciplined. I have my own strategy and discipline now and I have adapted many of his ideas and concepts into my own plan.Originally posted by wooish View PostTHE SKIRACER'S EDGE: MAKE THE EDGE IN YOUR FAVOR
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Rollercoaster ride today. Fooled me for sure. Still holding the ROST short trade but out of both GCA and HOV. No sense in looking back.THE SKIRACER'S EDGE: MAKE THE EDGE IN YOUR FAVOR
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