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1st December 2017
What happened there !????
Anyone know what dropped US?
Flynn could testify against Trump
Bloody hell I nearly choked on my two bones then :0)
Ah OK. Tx.
Sold again at 28
I'll testify against Trump myself if it helps the bears.
300 point drop !!! wtf !?
Total disaster today !! TGIF !
@ Icarus
You paying Flynn ?
Hopefully this gets hyped over the weekend and we see real falls on Monday. They will be desperate to lock in gains. SELL SELL SELL
icarus, I hope this drop helps.
I grabbed a few points on the drop but didn't nurse the set up. Shame I closed my 13014 short too early which was a punt trade. I didn't expect everyone expecting such a drop.
Days like today are what we trade for.. love this vs the crappy grinds up every day of the week
Favourite when to hear when short ? PANIC
Anyone buying this dip ????
Nope. Fully short.
Dow having a good attempt at getting back up
Yes but I am hoping for the action on Monday, maybe the real prospect of impeachment appearing.
Thanks for remembering me guys. Yes the drop helped a lot. Lets see if this stalls again around 350. And if the next drop happens ftom around 24350 it wont stop at 950 though. Next stop would be 23500 or 23000
...wheres your B/E now icarus ??
Quote from icarus on 1st December 2017, 6:40 pmQuote from roltrader on 1st December 2017, 6:29 pm...wheres your B/E now icarus ??
In the high 22000s.
It's doable Icarus stick with it you have come this far......it's the dividends and finance though....when I was stuck it was a futures contract....I worked out the costs and it was considerable cheaper to hold from memory....it was a long time ago ...couple of years ago I saw the Dow drop 1000 pts and regain them in 14 mins !!!!
Sold a little more at 25
Quote from anstel on 1st December 2017, 7:04 pmQuote from icarus on 1st December 2017, 6:40 pmQuote from roltrader on 1st December 2017, 6:29 pm...wheres your B/E now icarus ??
In the high 22000s.
It's doable Icarus stick with it you have come this far......it's the dividends and finance though....when I was stuck it was a futures contract....I worked out the costs and it was considerable cheaper to hold from memory....it was a long time ago ...couple of years ago I saw the Dow drop 1000 pts and regain them in 14 mins !!!!
Cheers buddy!
I'm beginning to wonder if being short is a good move this close to xmas?
Quote from anstel on 1st December 2017, 9:15 pmI'm beginning to wonder if being short is a good move this close to xmas?
It's all about set ups.. need to separate out being a bull or a bear from the trades. Today's trading range has been 7290-7350 with high volatility. If you're short and 7350 breaks up then need to exit the positions. Otherwise it's still bearish. As for whether it's sensible to be short.. December 2012 drawdown was 200 points, 2013 was 200 points, 2014 was about 600 points and 2015 was about 600 points too. Last year was the exception. So if anything there is very often a big drawdown in December before the rally kicks in. This market has had very little vol this year so not getting ahead of myself thinking it will drop a lot.. but 7200 looks a fair target before rally time. If we're going to rally it will show up on the charts and it hasn't yet
Quote from Mcgcapital on 1st December 2017, 11:16 pmQuote from anstel on 1st December 2017, 9:15 pmI'm beginning to wonder if being short is a good move this close to xmas?
It's all about set ups.. need to separate out being a bull or a bear from the trades. Today's trading range has been 7290-7350 with high volatility. If you're short and 7350 breaks up then need to exit the positions. Otherwise it's still bearish. As for whether it's sensible to be short.. December 2012 drawdown was 200 points, 2013 was 200 points, 2014 was about 600 points and 2015 was about 600 points too. Last year was the exception. So if anything there is very often a big drawdown in December before the rally kicks in. This market has had very little vol this year so not getting ahead of myself thinking it will drop a lot.. but 7200 looks a fair target before rally time. If we're going to rally it will show up on the charts and it hasn't yet
Evening Mcg.....well I'm absolutely knackered not had much sleep this week with the overnight potential for moves......ive still got shorts ......the way I see it is this....remember a few weeks back when we were in the 7540 area and it rallied overnight to 7591....then just basically retreated to today's low over the last few weeks.. Well a rally of that strength puts you in the bullish mindset if you are not really aware of how your emotions are effected....you have more experience than I do and you have probably got this part nailed but I'm not there yet...anyway my point is the market pushes hard one way then reverses so I'm thinking with the weakness yday and this surprise sell off tday I think it could go up a bit...I'd love a trip to 7200 though it could really encourage some bulls back for a year end rally but that brings me to my next thought and why I'm short..everyone's expecting a rally .....when does it ever do what you expect? Have a great weekend ....let's hope we get a sell off to 7200 next week...
Quote from anstel on 2nd December 2017, 12:44 amQuote from Mcgcapital on 1st December 2017, 11:16 pmQuote from anstel on 1st December 2017, 9:15 pmI'm beginning to wonder if being short is a good move this close to xmas?
It's all about set ups.. need to separate out being a bull or a bear from the trades. Today's trading range has been 7290-7350 with high volatility. If you're short and 7350 breaks up then need to exit the positions. Otherwise it's still bearish. As for whether it's sensible to be short.. December 2012 drawdown was 200 points, 2013 was 200 points, 2014 was about 600 points and 2015 was about 600 points too. Last year was the exception. So if anything there is very often a big drawdown in December before the rally kicks in. This market has had very little vol this year so not getting ahead of myself thinking it will drop a lot.. but 7200 looks a fair target before rally time. If we're going to rally it will show up on the charts and it hasn't yet
Evening Mcg.....well I'm absolutely knackered not had much sleep this week with the overnight potential for moves......ive still got shorts ......the way I see it is this....remember a few weeks back when we were in the 7540 area and it rallied overnight to 7591....then just basically retreated to today's low over the last few weeks.. Well a rally of that strength puts you in the bullish mindset if you are not really aware of how your emotions are effected....you have more experience than I do and you have probably got this part nailed but I'm not there yet...anyway my point is the market pushes hard one way then reverses so I'm thinking with the weakness yday and this surprise sell off tday I think it could go up a bit...I'd love a trip to 7200 though it could really encourage some bulls back for a year end rally but that brings me to my next thought and why I'm short..everyone's expecting a rally .....when does it ever do what you expect? Have a great weekend ....let's hope we get a sell off to 7200 next week...
Well I just woke up....just reading through the posts today ....market closed and I'm more relaxed..i think I have realised another point where I go wrong and possibly many others due to reading your posts again Mcg......we all have a bias underneath our trading....it's there subconsciously I think....when I started it was all about being short.catching the top etc etc...then on a trade I'd done the research looked at all the information I could find and based on that I decided to short the Ftse ....it worked...the market started dropping...I was up...quite a bit too.......then hang on what's going on......it's going up.....never mind I thought it's a sell this definitely...but no it went up more....and more....and more.....I was having a bath watching and it was like a clock just winding up.....that experience leaves an impression on you.....like they politely say....The market can be irrational longer than you can stay solvent...
It was because I had an opinion on Market direction......based on the research it was right but what is right is what the market is doing irrespective of why it's doing it....
This is what you have said in an earlier comment Mcg today.....it's only about the current range....like now your 7290 - 7350.....
Having a Set opinion either way is going to be chargeable by interest and dividends if we hold on to our positions........we have a lot to watch for if our account size is to increase consistently...The spread is first expense .....then getting the trade right is the next hurdle....then having profit and taking it or not is a big area of complexity that most don't think about......then the denial and the hope we have when we hold to long hoping which ends up costing in finance...
Its like a journey of a million miles starts with one step...doing it like you do is really clever and I'm guessing it's not happened by accident....it's been by experience and pain I think.....
Like you said earlier..we must leave our preconceived ideas out of trading...look at the range in front of us .if it changes its probably going to be chargeable but overall it's a trading expense.get out and re evaluate...easy to say but not easy to do which is where the disipline comes in...
Well on Monday there's now a gap down to 7300 to consider. IG have the Dow back at the top of the range. Would be ironic if passing the tax bill marks a high just as Brexit and the Trump election marked lows. Still think we have to play the range until it breaks one way or another. Signs are growing that the US should pullback soon so need to see how it plays out