[james_gsx]

I am starting this thread off at 1:30 am ET with the YM down over 133 pts and the ES down 16pts. Looks like we could be in for a rough day, but I'm excited.

I hope all of you have a well drawn out trading plan for today. Abe, use today as a day to learn. You would be amazed at how many people have never seen a true bear market (not saying we are or are not in one) and are trading today. There will be more in your career of trading, and IMO there is no better way to learn from one than by starting out in a time like this.

I hope tomorrow brings a lot of volatility and brings you all lots of profits. I am going to wear my Gecko shirt (you know Gecko from Wall Street). Good trading everyone!

[notouch]

HSI was down 1000 points (4%) at one stage overnight. The US futures seem to be making a good recovery though. YM is currently 100 points above its low. I have noticed that a massive long squeeze overnight followed by a largely unchanged open often leads to market strength. I think the reason is that there has been a massive 'cleansing' of weak longs so there are no more stops to run or margin calls to trigger. Instead all the stops are at higher level leading to a short covering. What really matters though is what happens at 0930 EST when the equity markets open. It's a traders' market right now and there are great opportunities long and short.

[AbeSmith]

A good morning to everyone. And good luck today, and everyday, for ever.

Originally Posted by james_gsx »

I am starting this thread off at 1:30 am ET with the YM down over 133 pts and the ES down 16pts. Looks like we could be in for a rough day, but I'm excited.

I hope all of you have a well drawn out trading plan for today. Abe, use today as a day to learn. You would be amazed at how many people have never seen a true bear market (not saying we are or are not in one) and are trading today. There will be more in your career of trading, and IMO there is no better way to learn from one than by starting out in a time like this.

I hope tomorrow brings a lot of volatility and brings you all lots of profits. I am going to wear my Gecko shirt (you know Gecko from Wall Street). Good trading everyone!

Hey James. Thanks for the heads up. It's looking bad for the market from a technical standpoint IMO. Looking at the YM 6 month chart it shows that we are well bellow the lows of July and June.

[Soultrader]

Hey where can I get myself a Gecko shirt? I hear rumors they are coming out with Wall Street part 2? Anyone heard of it?

Also looking back at the movie now with all these compliance regulations stuck in my head, it does seem impossible for Charlie Sheen to even be trading for his own account. Isnt that against SEC regulations to begin with?

[AbeSmith]

First trade of the day. Still having technical difficulty with firm stops, this time tried bracket order but didn't work and ended up costing me 2 round trips instead of 1. Not feeling too down about this trade though because it seemed like a good setup. Right?

[AbeSmith]

Second trade. Another losing trade. -6. But good instinct on this one to get out before it got worse. -77.78 realized loss so far today.

[MrPaul]

Is it just me or is the volume as price action today hardcore? The ER2 has so many bids/offers that its moving like the ES usually does.

[AbeSmith]

Originally Posted by AbeSmith »

Second trade. Another losing trade. -6. But good instinct on this one to get out before it got worse. -77.78 realized loss so far today.

One the 1 minute chart it was a totally different setup though. Didn't pay attention to that.