Many here are trading the next leg as a swing trade. You keep that in mind as you agonize over the little tics, ripples and waves every minute of every day, while you sit staring at your little computer screen. And let those with a different vision of trading a position for days or weeks, trade the way they want to without your idiotic comments. Many of you try to tell Ed what to do. Ed has set there and done nothing since he established EDZ and he has made more money than any of you. Unfortunately, he may very well give much of it back as he is PREDISPOSED that down waves last forever. They don't.
The plan was to get back in at the 61% Fib at 1076. I imagine most of you don't know what that even means. It has to do with technical retracement levels, and I don't have the time to try and teach you, like Doc so patiently does. Those who entered there at 1076 haven't lost a dime. Those that averaged down from an earlier partial position at the 50% Fib have lost a few pennies so far. Doc, Inwestor, Cramer, JamesD and myself all trade with over a quarter of a million dollars each, or more. I think Doc currently trades with about $380,000. Do you think any of us are concerned if a position has lost a few pennies on a swing trade? THINK AGAIN.
And let me leave a final thought with all of you that want to try to tell me, or anyone here how to trade. Your opinion is simply your opinion. Most of you haven't been trading long, and trade with a few thousand dollars. EDZ traders, in general, are the stupidist group of traders I have ever seen. Doc, Inwestor, Bruce and I sit here and watch you guys come and go, after giving your gains back to Direxion and swearing to never trade EDZ again after you leave all your money here. There are exceptions. Doc is an exception and so is Inwestor, JamesD, Cramer, myself - and I think badalias and doubter both make pretty good money here. Yale seems to be doing well in his short time here. Yale is scared - and that is VERY HEALTHY when trading EDZ, especially if you are trying to trade during a direction change.
I'm up 58% this year. Doc has me beat by 8 - 10% because he rides the smaller waves where I don't. So if you have better numbers, SPEAK UP! Post technicals - show me a post that isn't BS about your "feelings" about what is going to happen. But what ever you do, DON"T EVER ATTEMPT TO TELL ME HOW TO TRADE. I've been trading for almost thirty years. I do fine without ANY EDZ Message Board Trader Wannabes telling ME how to trade.
So if any of you want to criticize Doc. myself or any of my friends here for what we are doing, lets revisit this issue next week and in two weeks. At that juncture in time, you may either apologize for your criticism or YOU CAN KISS MY A$$. Do we have an understanding? cmeg? Do you read me?
Relax boys...its not like your losing REAL money here. Just post some imaginary trades, for example say you shorted BP months ago and poof, your trading account is right back in the black.
point I don't think there is an endless bottom to the market and have admitted missed some great gains I miss the last hour of trading almost every day because I work 2nd shift thats why I put in market orders which in the past trades worked for me .some times wonder if anyone else here works too. but make really crazy good money which I could not make any were else .just trying to get a few more years and retire early with a nice pention .not a big player in edz but still want to make money and believe I still can tomorrow is a big day and as I have said the last few days housing #'s were so bad that economy will start to show weakness from that am I 100% sure no but as I've said before the gov. can't spend with IOU's anything that is real the economy has to stand on its own other wise your just kicking the can down the road . the housing rebate is gone the cash for clunkers is gone the 300000+ census workers will be laid off soon the spin doctors on cnbc calling it a L shaped recovery to me thats not a recovery if I'm right tomorrow it will be a game changer and will play my hand my way and thanks for giving me that right all the name calling and bashing I see tonight makes me sick and am glad doc's not around to see this doc has a good heart hope he finds some happiness on the lake he's at. no one is going to think your smarter for bashing people so every body just lighten up it doesn't make you any money anyway wish you all good luck and hope you find some happiness
I believe that it may have been the perfect entry and that will only be determined by tomorrow's close. Monday is a more fair test, but even a small loss followed by an immediate gain would be considered a good entry for a swing trade. Is there anyone that would like to argue with me? -JC
I'm no Rhode Scholar, but my calculations show an EEM bottom possible at $38.61. Next week should be a much different game than this week. IMO
I also think you may have blown cmegs post out of proportion. I don't think he was telling you how to trade, my friend. There were other posts from people none of us have ever heard of that were rude............but who the hell cares? These are the reasons I don't waste my time here. Doc thinks he is doing something good for others, but I'm not so sure. It IS the Christian way, but Jesus probably wouldn't help these idiots.
Signing off again. Type to you at the top for the real crash. I have no patience for this board.
EDZ traders, for the most part are unemployed newbies looking for a quick homerun that just never comes. They do not have the capacity to understand wave counts, technicals, oscillators, moving averages etc. Plenty of bad traders here - and plenty of newbies that really don't have a clue trading on emotions and feelings that comes out of their smokey minds. Most don't even know they pay Direxion 40% a year to trade here. Cmeg and his alter ego cheeto spit, savvy 1000, ftstkbyr, all new traders, none with a clue about wave counts. And there's always fgihollowhead, always there with the most stupid posts I've ever read. And Bruce with his posts telling us all what happened an hour ago and how great he is. Does he even trade? I think he lost ALL his $15,000 and just types now. Bruce told Doc that the 22nd made him the most money he's made in months! LOL. They trade for what ever is happening that minute and not what is happening in the overall picture. Bruce made his first call today that he has made in months, and thinks we plunge below 10K on the Dow tomorrow. My god, man, you claim to know technicals and then you write jibberish that has nothing to do with technicals. My take is that the S&P could go as low as 1068, maybe with a small dip below that level, the vix should peak at the resistance 30 - 31 level and we are at 29.74 now. The Euro has been trending up since it bottomed on the 7th - thats TWENTY DAYS AGO. The dollar has declined since the 7th and the S&P has only lost some of its INSTANTANEOUS gain that happened in just 11 days.I imagine this is why Doc chose the 61% Fib at 1076 and put a stop at EDC 23.50. The math all works out. At a 1076 EDC entry 23.92 nobody gets hurt if they stop out at 23.50. The law of probabilities should let any true trader knows that a 42 cent maximum loss potential is nothing compared to a projected $7.23 gain. And if EDC holders get stopped out, BFD! Most of our group has made so much money from the bottom in the past few days that it really doesn't matter. If we drop below true support, all of us will be back in EDZ. There is a reason you guys trade with a quarter of a million dollars and I'd say it has nothing to do with not being able to find a bottom on a MINOR wave down.
I think some here have forgotten May 27th, June 10th and June 21st way too soon. it looks like they would remember 8-10% EDZ losses over 24 hours three times in a row! Everybody on the planet doesn't want out of investments. Money flow has been IN since 1044, not out.
The newbies just don't know these things, nor will they ever have the capacity to trade anything other than their chart for the day.
They all think we are falling off the cliff, clicker. Just like every other wave, and every other goup that comes here. It is comical, really. I notice they rarely return for a second wave and it is always new guys telling the veterans how to trade.I'm fine with my position and its OK to be a little upside down on a long run, if that even happens. Ron Walker never even took a bear position on this wave up. Do you think any of the newbies here out trades Ron Walker?
Clicker, just laugh at the ifnorance and on't let it get to you. life is too short to be even remotely agitated at ignorance on this board. It is so plentiful.
I'm having a great run off the bottom! Big EDC gains. Nice EDZ gains on the little step down and ready for more great EDC gains. Next week should be excellent by the technicals.
Bottoming is a process and generally not a fixed moment in time. Experienced traders who don't trade by the tic realize this.
Bravo on your post.
I don't trade on advice from strangers on a message board. Not even Doc, and I respect him more than anyone here. I never could figure out WHY he spends his time here trying to teach the sheep, and why he endures the criticism from those who don't have a clue about trading technicals. And you are right about EDZ traders. There a few smart guys here, but most really should buy municipal bonds. LOL
GL on your entry working out. Tomorrow may provide a better opportunity for me to get back in EDC. Maybe not, EEM is doing rather well in afterhours. Either way I made money today and have the same vision of the continued ride up on EDC. Most here do not see past a daily chart. I do - but I needed a profitable entry and a not-so-drastic day to establish that entry.