Please vote on the question "Is Day Trading Gambling?" on the MyPivots Facebook Fan page:
http://www.facebook.com/questions/325889247446134/

I noticed on Friday's topic there was some back and forth in the comments that wasn't trading related. Please resist the temptation to engage in that type of chatter. Everyone finds it distracting and it doesn't add value. If someone posts something that has nothing to do with the topic of trading and you feel it shouldn't be there then feel free to let them know by voting down that post instead of responding.

Good trading everyone!

Originally posted by BruceM

air can only be CREATED when we make new lows or highs on the regular trading session for the first time....it doesn';t happen inside of a range

Aha that's the missing ingredient

Be sure to click the chart to see the whole thing

exited 1348.75 on all 4 contracts... why?.. its the bare minimum projection that the market HAD to achieve... 1350.75 to 1349.50 on a 3 or 5 min chart..1.25 x 1.618=2.0 and 1350.75-2.0=1348.75.. if it continues lower than this ,the 2.618 will be hit at 1347.50

One last comment on the above trade, for learning purposes. The reason i posted it is because it seemed to me to be a perfect example of a typical trade i would take. The exit , which was a little quick, was because it was already in the last hour of the trading day. I hate trading late.. just a personal nuance of mine..The ideal exit would probably been half off at 48.75 and the balance near 47, but then hindsights alwas best ,isnt it!...lol

kool, thanks for posting that trade...the earlier projection you show on your chart had 50.75 as a full projection, but was exceeded in overnight trade; do you still use projections that were exceeded in the past? i know you had a fresh one aiming at 350.5 or so, so the earlier one served to reinforce a view if anything but was far from critical, right ? thanks as usual

Basically ,your right Nick, but i usually leave the projections on my chart for a while looking for confluences like this to give me more confidence. By the way...BINGO!...on 1347.50 also

sounds good kool...btw, great call on that short.

Just one more little piece of evidence for my belief that the 'high' for this rally may be the 15th -16th this week instead of the 1352.50 hit last week....

khamore1 and anybody else who wants to discuss the unfairness of down voting on posts or the voting system on the forum please continue your discussion here:

http://www.mypivots.com/board/topic/7260/-1/ego-trading-and-voting

I have deleted the off-topic voting discussion from the topic and will do the same in the future and request that the moderators also do this if they see off-topic voting discussion going on here.

Let's focus on trading in this topic and keep the off-topic chatter in the trader's lounge.