[Trader333]

Well I think there may be different interpretations here. What Grey1 has said is that he does not make most of his profit from day-trading and it mostly comes from 1 to 3 day positions and that day trading is just for pocket money. That said in 2006 he posted day-trading results for months and made between $2K and $10K a day in profit all of which can still be seen on the threads. You are right in that he doesn't really like day-trading as such but he is very capable of doing it. I have also seen him day-trade in his own house and it is a pretty impressive method that he uses.

Also I don't recall him saying that the Dow would not go any lower (which was back in March) what I remember was him saying that he was closing his Short portfolio because he thought the worse was over and he was opening a Long portfolio instead. He did this publicly and made a fortune out of it along with others who did the same.

I know that you have different views to him but in the end it doesn't really matter. I think you are both great traders but do things differently and I do things even more differently than that but I like to be open to how others make money regardless of how they do it


Paul

[firewalker]

Originally Posted by Trader333 »

Well I think there may be different interpretations here. What Grey1 has said is that he does not make most of his profit from day-trading and it mostly comes from 1 to 3 day positions and that day trading is just for pocket money. That said in 2006 he posted day-trading results for months and made between $2K and $10K a day in profit all of which can still be seen on the threads. You are right in that he doesn't really like day-trading as such but he is very capable of doing it. I have also seen him day-trade in his own house and it is a pretty impressive method that he uses.

Also I don't recall him saying that the Dow would not go any lower (which was back in March) what I remember was him saying that he was closing his Short portfolio because he thought the worse was over and he was opening a Long portfolio instead. He did this publicly and made a fortune out of it along with others who did the same.

I know that you have different views to him but in the end it doesn't really matter. I think you are both great traders but do things differently and I do things even more differently than that but I like to be open to how others make money regardless of how they do it


Paul

While I think this thread is getting off-topic, I believe your post warranted a reply, so I've sent you a PM.

[Trader333]

Fair point and I was only trying to respond to your request for comments on whether the principles used to trade are market-specific or not and the methods involved but as you say I have digressed.


Paul

[firewalker]

... one perfect example of how the smart money bought into the bad news.



Consumer confidence came in at 50.4, much lower than forecast, (apparently the lowest level since 1992).

Following is what happened next. Price fell on the news, but immediately buying came in and pushed price back up. After a period of consolidation, we turned higher. Volume was key.



Since I was short from the moment the markets opened, I didn't go long but the initial volume on support was enough to close out my position partially.

Looks like PPT propped the market up today, in advance of tomorrow's FOMC event.

-fs

[Sledge]

Originally Posted by firewalker »

... one perfect example of how the smart money bought into the bad news.

Firewalker-
Not only did the smart money BUY on the bad news, but notice how the herd was sucked in on that bar! You saw a SLEW of the herd get slaughtered by going SHORT on that bar and it was a bloodbath, that chart hardly hesitated on its way back up. Bears got murdered.

You even saw a very rare opportunity that would have let the greedy and now stupid bears get out on the second bar inside the circle. After seeing the first bar close- anyone who was short and had a right mind would have said "oh crap, I was wrong" and reverse position to the long side.

[firewalker]

Originally Posted by Sledge »

Firewalker-
Not only did the smart money BUY on the bad news, but notice how the herd was sucked in on that bar! You saw a SLEW of the herd get slaughtered by going SHORT on that bar and it was a bloodbath, that chart hardly hesitated on its way back up. Bears got murdered.

You even saw a very rare opportunity that would have let the greedy and now stupid bears get out on the second bar inside the circle. After seeing the first bar close- anyone who was short and had a right mind would have said "oh crap, I was wrong" and reverse position to the long side.

Thanks for the comment. It was indeed the typical 'herd getting caught on the wrong side of the move'... would you consider the close of the first bar sufficient enough reason to go long immediately? It was only because there was potential support around that level that I would feel confident enough to do so. But you're right, it clearly showed how strong demand came in.

[firewalker]

Originally Posted by forsearch »

Looks like PPT propped the market up today, in advance of tomorrow's FOMC event.

-fs

I'm not into the conspiracy PPT thing, it seems more logical to assume the buying occurred because there was support there