Stock Market Today : June 18th - 22nd - Page 4

I'm noticing a double-top right now on the /ES and am thinking of shorting at 1346.00.

Quote:

Originally Posted by Venom08 

I'm noticing a double-top right now on the /ES and am thinking of shorting at 1346.00.

Got out at 1344.75. It's low volume so I shouldn't trade like this, but it worked out ok.

Quote:

Originally Posted by Venom08 

Got out at 1344.75. It's low volume so I shouldn't trade like this, but it worked out ok.

Ugh, 1343.00 is what it's at currently.

is it too good to be true ... the perfect set-up?? the answer is killing me 

either way wednesday will have a ridiculously large effect on /dx imo. i think it will get crushed. 

Quote:

Originally Posted by rando 


Doood... tried to reset my thinking this evening after a nice weekend. You know what happened? I came to the same conclusions as our hypothetical scenario discussed last week. Then I was coming to post "Hope that the gap fills as it would be easier to witness more upside tomorrow if we did that first." Yup, same page. Dave has a good point - it would almost be too good to be true. But then again, the BTFD mentality was back almost all of last week and that sure as heck seems too good (and easy) to be true. Maybe we are simply "living the life" here. We shall see.
One thing to watch this week is if DX wants to backtest the March high at 80.76 or the April high at 80.38. IMO the April high is quite important, if you look at the daily... price made a high over 82 in Jan, then looked to be mounting an attempt on that level when March high fell short of 81... then in April the dollar tried to get going again, only to be smacked down once more but then it came roaring back shredding right through both Apr and Mar high on it's way to the stratosphere. If that April high cracks, it would probably be part of a very nice and most likely bullish move in stocks. Price has already swung from 83.19 back down to 81.43 in less than one week, without volume tapering off all that much. If part of what drove the dollar up really was the "least of evils currency" effect where people sought safety in the dollar because our fiat wasn't quite as horrible, risky, and bearish as the rest of them, then it stands to reason that once the perceived need for such a bizarro safe-haven asset abates, that same asset will go the other way, in this case down, and possible down hard. I'm not saying it will, because I am still not sure if the dollar's rise was fueled very much by the perception that in a sea of awful currencies "why not own the dollar?" Worth consideration at the very least.

Same here, Still on the same page as last week. In case we do get the "obvious",  I'm going to go ahead and point out the obvious play based on the gap fill scenario.

ES moves down to 1334, We base and make a fatty U formation, making a nice bullish cup n handle around the 1347 highs.

Before having one massive up week. 

Currently in between the support of 1341 and resistance of 1350. Currently in a triangle like formation in which i think will squeeze lower. IT would be awesome though if we had buyers resolve this to 1350 for a significantly better short down to 1334. I doubt we get that though. Most likely more of a slow grind lower out of this tri.

I just scaled my last car from /ES 05 at 43.5. 

Quote:

Originally Posted by IchibomB 

I just scaled my last car from /ES 05 at 43.5. 

Damn good job Ichi. I think you nailed it at least for the next day or two.

Off-topic ...... have you guys been keeping up with that Cubs18 fellow and his journal?  He's the one he went almost all in with what little money he had in some AAPL options and turned $8k into about $25k when it went on that 30pt rip a month or so ago.

So apparently he's starting a fund to manage his friend's and family's money: 

http://www.hotstockmarket.com/t/219196/cubs18-trek-from-8-000-to-25-000-current-25-300-trade-journal-of-a-20-year-old-trader/260#post_2871441

I dunno if there are any other long standing veterans of this site who'd like to share their opinion over there.  I see things like that and I honestly get the nails on chalk board effect.  It has danger written all over it.  

Quote:

Originally Posted by Rock Sexton 

Off-topic ...... have you guys been keeping up with that Cubs18 fellow and his journal?  He's the one he went almost all in with what little money he had in some AAPL options and turned $8k into about $25k when it went on that 30pt rip a month or so ago.

 

So apparently he's starting a fund to manage his friend's and family's money: 

http://www.hotstockmarket.com/t/219196/cubs18-trek-from-8-000-to-25-000-current-25-300-trade-journal-of-a-20-year-old-trader/260#post_2871441

 

I dunno if there are any other long standing veterans of this site who'd like to share their opinion over there.  I see things like that and I honestly get the nails on chalk board effect.  It has danger written all over it.  

You believe everything you read? Post screenshots of the trades and then I'll believe it. Not saying he didn't do it but anyone can write anything. C'mon Rock! If you can't get screenshots then post at the time of the trade.

Let him start if he wants,.. some poeple need to learn the hard way. Perhaps he will realize people need to live with this money.. when most managers dont realize this. I waited very long before starting mine, and has not been easy at all. Depends on capital amounts and what area hes targeting and hedging against. Seems tech based mostly.

Quote:

Originally Posted by Rock Sexton 

Off-topic ...... have you guys been keeping up with that Cubs18 fellow and his journal?  He's the one he went almost all in with what little money he had in some AAPL options and turned $8k into about $25k when it went on that 30pt rip a month or so ago.

 

So apparently he's starting a fund to manage his friend's and family's money: 

http://www.hotstockmarket.com/t/219196/cubs18-trek-from-8-000-to-25-000-current-25-300-trade-journal-of-a-20-year-old-trader/260#post_2871441

 

I dunno if there are any other long standing veterans of this site who'd like to share their opinion over there.  I see things like that and I honestly get the nails on chalk board effect.  It has danger written all over it.  

Quote:

Originally Posted by BobK 

You believe everything you read? 

Yes Bob. I believe everything I read.  I am mindless, without a shred of constructive thought.  BRB, gonna go read the National Inquirer that I bought. 

for the record, cubs did post a screenshot of his p/l from ToS.

Besides that, I think starting a hedge fund because you made a few great trades is a bad idea. 

I want years and years of consistency before I consider that step. 

^^^^^ This, times 10, to the power of two, plus 3, and divided by zero.

Rock and I were actually talking about beginning traders that made a few bucks with their first few trades and then started going high risk afterwards. One of which has never been heard from again on this site after he bought 15k-30k worth of AAPL 650 Junes back in April (I don't know actual number because the last time I spoke with him he said he was going to average down). 

Not saying that cubs would do this but, gee, it sure would not be a surprise if something didn't work out eventually.

On a side note I figure it sure ain't our responsibility to tell him what to do. If he wants to manage money then let him manage money. If he does a good job then good for him. If he doesn't then he'll learn something that the finance major that he is paying 20k a year for won't teach him. 

But as always, I stay optimistic so I wish him the best of luck. 

--- Edit

Oh and actually I'm more concerned about someone who 1) Has limited equities experience. 2) Jumped straight into options. 3) Blew profits from options on binaries which are hard even for experienced traders 4) Jumped straight into /CL for futures with again, limited experience and (no?) paper trading. It's not like /CL is the hardest future to trade, let alone be the first one you try to trade.................................. 

(Cubs or anyone else lurking, please understand that us "old-timers" are somewhat jealous of your quick success, but do keep in mind that we are "old-timers" because our accounts have survived the years and paid for our meals so it would be wise to consider what we have to say)

LOL!!!!!!

F it.. his life his decisions. hope all goes well, but it probably won't

Quote:

Originally Posted by Rock Sexton 

Off-topic ...... have you guys been keeping up with that Cubs18 fellow and his journal?  He's the one he went almost all in with what little money he had in some AAPL options and turned $8k into about $25k when it went on that 30pt rip a month or so ago.

 

So apparently he's starting a fund to manage his friend's and family's money: 

http://www.hotstockmarket.com/t/219196/cubs18-trek-from-8-000-to-25-000-current-25-300-trade-journal-of-a-20-year-old-trader/260#post_2871441

 

I dunno if there are any other long standing veterans of this site who'd like to share their opinion over there.  I see things like that and I honestly get the nails on chalk board effect.  It has danger written all over it.  

anyways glad i didn't end up getting that spy strangle for the greek election outcome. looking like it'll be a flat open

Yeah, the main point that I'm trying to make is that even though cubs has had success and may seem inspirational to viewers of this forum, you can see a cake through a window but you can't taste it. What I mean by that is I hope the members reading the forums will understand the circumstances here and not suddenly go around putting all in options orders for your first trades and such.

That would be bad.... 

Quote:

Originally Posted by tones 

anyways glad i didn't end up getting that spy strangle for the greek election outcome. looking like it'll be a flat open

Yep those Spain yields are still over 7%.. .seems like no one cares and speculators are focused in an attack still on that area.