Contrivance & Hucksterism.....always learin new things here....tho admittedly I think I know what Hucksterism is ;)~
had ta go look up contrivance....shame on me for not knowin & or at least figuring it out right off the bat....duhhhhh.
Hope folks find it a useful/successful way ta trade...already got one under the belt this AM
short e/j @ 123.38....1/2 already scalped & the rest is doin a "Dylan"...blowin in da wind ;)~
Tho I was thinken last night....I should prolly consider closin out more lots w/the usual 20-30 pip profit...after scalping the 1st 1/2 of course. This way the bank will be built up at a much faster clip...especially at the begining. So say as much as 50% of the trades where ya see those moves you should grab'em. Then as your acct grows over time u can adjust accordingly & try more so (maybe up it to 75% of the time) for the larger 100+ hits.
If I woulda covered more plays ystrdy in the 20-30 pip range I'd have a far larger bank by now. I've let lotza pips go w/this start.....hundreds as I look back...& that's something that someone in my trading position should not allow. Gotta take those pips sooner...at least in the beg as ya build your bank.
Indeed, it's all your own appetitte for risk & money mngmt as they say.
Great posts over night/early AM....& Daiello....to answer your ? from a few posts back....Wirth was leaning towards the belief (tho he wasn't all too convinced either) that this was more a captulation move off the bottom. But note that he also said this the last time it occured as well back on 10/10...as did you as I recall...hehe & this is the reason I feel he came off as lil gun shy to truly say this was the bottom. But I suppose a case can be made for it bein the double bottom w/the 2nd bottom bein a higher one. As for me, I aint sold on that one yet...& for many reasons....one being mrkt sentiment...many folks out there still have pretty good convictions that there's still more pain to come....hard to disagree.
All I know is....keep in mind we also gotta get thru the eoy tax selling among a few things that will surely be placing added pressure on the broader indeces no doubt. & dont forget, Mutuals aren't completely done w/all their redemptions quite yet..as I'm hearing.
I think early Q1 will be the tell here....once Hedge Funds & Mutuals are able to reload & figure out just where Camp Obama is gonna be taken us....then & only then may we beg to see some sorta clear mrkt direction...imo of course.
OK...back to my still sick & at home 6 yo.....& I see where my sl was already hit on that Dylan 1/2 of the e/j....coulda had another 20 pips as it were.....but alas..gave'em all back. Next turn I'll be lookin for the 15-20...always a work in progress.
