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GLOBEX 12-04-08

Some thing to ponder, besides the 872.50 21 day moving avg on the daily chart.... 1008.50 top- 739 low was 269.5 points and a 50% retracement is ...(drumroll),... 873.75 Small wonder the 872.50-877 zone is giving at least some short term resistance. Also note that the entire crash from the May top at 1441.00 to the crash low at 739.00 is 702 points. 0.236 retracement comes in at 904.50. REMEMBER THE DAILY PROJECTION OF 904.50?(STILL VALID UNLESS 739 IS TOUCHED AGAIN).
out +2
Gratz Palmer
short one from 866.00 on a chase....
Good Morning:

You folks have convinced me to change my ways. Koolblue, as I mentioned in my email, I am only a few months into daytrading with real cash. I paper traded for 2 months before that. My style is similar to my position trading style. I buy dips in uptrends and sell minor strength in downtrends. I average about 4-5 handles per day net after $5 roundtrip commissions. My target is normally 1.5-2.0 with a 2.0 stop. All has been going well except in the past month with high volatility, somedays I get whacked because of the close stop. Yesterday was one of those days. Down 8! I know everyone has a bad day but I have had three that size in the past month.

I spent all night researching every trade and potential trade that I have taken and missed and I now realize a 2.0 stop won't work. It needs to be 2.5-3.0 but the potential profit above 2.0 isn't there. I'm not a math genius but at those levels the math doesn't add up to Ka-Ching.

It's too late to make a long story short but I am studing your price and time forecasts and will be painting fib extentions over every trend and will be trying to do my ABC's.

You and VO are very gracious the way you help others and I do not plan to impose on you. Maybe just a question or two.

I already took my first 2 handle trade on a Short 50% retracement at 6:55am off the downtrend from 6:30am.

Thanks for being here.
Did you see the freebie i gave Palmer last nite? That was a great 'gimmee' As far as questions , no prob. and im sure Vo feels the same way. Just keep in mind some times its hard to answer quickly if we're in a trade and trying to post , etc.
And welcome to MYPIVOTS friend!
good morning KOOL and friends
we didn't get down to 853.25 or as high as 877 Kool.
Morning , PAL... DID YOU SEE WE HIT MY 862?(and then some)... surprisingly ,didnt quite make it to 852(proj now negated on the move past 873) and attempted my 876!... Interesting night!
with the last major pre market cycle high of 74.25 to the cycle low of 50.5 don't we get a projection of 89.0 unless 50.5 is taken out?