[james_gsx]

I don't know why that makes me laugh so hard

I was watching the tape at all the little guys making the bullish engulfing pattern. Normally I would have taken the trade, but seeing as the Fed was about to make it's decision and I didn't see any bigger tape action I stepped aside. Now I'm pissed I did

[brownsfan019]

It's good stuff James and should help our YM/ES long that we are discussing in the other thread. We'll see how this day ends and I'll try to take a look later at the daily.

[brownsfan019]

Originally Posted by james_gsx »

I was watching the tape at all the little guys making the bullish engulfing pattern. Normally I would have taken the trade, but seeing as the Fed was about to make it's decision and I didn't see any bigger tape action I stepped aside. Now I'm pissed I did

James - from a pure candlestick analysis, you had a great chance to go long there and make your week in a matter of 30-60 seconds. I don't read the tape, so not sure what you saw there, but hopefully with time you will see the benefits of candlestick analysis.

PS
My 5 min ES chart provided a gorgeous, HUGE risk/reward spinning top.

[james_gsx]

Yeah, I saw it and I know I should have taken it. But I knew the risk of taking the trade was more than I could allow for the account. If the Fed had not cut rates the market would have fallen just as much, just as fast. I just can't deal with that kind risk/reward in such a small timeframe. Had the account been bigger, then absolutely.