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  • Back to Sept 2008 2 comments
    May 6, 2010 2:45 PM
    We are back to Sept 2008 when the US Congress cracked the $700B TARP into $350B now $350B later.

    The next day after the approval, stock markets started melting down.

    This time around it is Greece approving their Austerity Measures.  But investors are not waiting for tomorrow;  they are selling now.

    All indeces had already achieved and exceeded their 120min Head and Shoulders targets. 

    Last remaining support for the bulls is the daily 200ma.  But at the rate price is plunging down, it looks like it will be penetrated.


    Addendum: 

    Wow!  that was pure bedlam.

    Trading Technique.

    I was able to buy a few ES on a 1min chart volume spike and when the $tick chart went crazy spiking below -1,750.  I was able to get some fills at 1072.25 to 1072.50 countertrade.  Just kept clicking the mouse  below bid price but only a few got filled.   Price run too fast my fingers were not fast enought.  at least I was able to get some fills.  It is not every day we have panic selling like this one.

    Now trailing them with stop loss.

    The bears were able to achieve in one day what should have happened in a month or two.  Those who sold into the panic will be sorry now.

    Tomorrow is Jobs Reports.
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  • Champstar2
    , contributor
    Comments (74) | Send Message
     
    Don't laugh...

     

    I work overnights. So up all night. Up all day watching the market. Finally hit the wall around 2PM. Went to bed. Happened to wake up at 4PM. Checked the markets... I'm *still* waiting to wake up from that 'dream' and have a good laugh that something so absurd could never happen in 'real life.'

     

    So ya, I missed the whole thing.

     

    It's admirable that you were able to keep your head/cool so well during the meltdown.
    7 May 2010, 02:25 AM Reply Like
  • aarc
    , contributor
    Comments (2397) | Send Message
     
    Author’s reply » I actually have 3 losing trades Thursday. The ES buys Wed that got stopped out; the buy somewhere using divergence buy signal on lower intraday charts; and another at daily 100wma support if I recall right.

     

    The over-extended trades (long or short) almost always work wonders. This trade can more than enought pay for the 3 other losing trades twice over or more if I can manage it correctly.
    7 May 2010, 05:44 AM Reply Like
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