With all the idiocy going on here yesterday I forgot to post my purchase. Laugh all you want.
I bought United States Steel (X) yesterday pre-market. LONG TERM investment and very patriotic.
The technicals look good, the books suck, but whose don't these days. I was watching it for a while waiting for the stock to get down to this level. 10% stop loss.... for now. The general market pool back may drag it lower
Last time the stock was on this level, it close to triple within next 18 months.
Just one more thing. I do not think trying to refute the rocketshit's statements will do anybody any good. I knew that, if anybody, it would be you. My advise - do not sweat it.
When I called a short term support, that's precisely what I mean - valid max for 24 to 48 hours.
The rocketshit "called" about 1145 as a short term. This number, I think was inspired by the previous low and in my mind was and still is a long term support/resistance, which as you mentioned was sliced like a knife through melted butter. This is fine, any kind of support/resistance area could be violated on the first try. Remember these are only lines on the send that at the best have 75% probability to perform it's job. The fundamental mistake the rocketshit made was not distinguishing between short/intermediate/ and long term. He completely ignores, or most likely has no knowledge of support resistance provided by BBs, MAs, pivot points, etc. I have no problem with people's ignorance, as long as it directly doesn't effect me one way or another. When I day trade I work with 3 or 15 min charts, this is short term to me. When I want to project price action for a week, I'll work with 2-4-or 8 hour chart and try to understand the most likely S/R areas. I work with daily and most often weekly charts when I want to project something for a few months. There is no set formula. It's your knowledge of technical indicators and personal experience that help you come up with ultimate plan. And after all this torture, I just took you through, it's only 75% probability at the very best. Here is where your experience also helpful. I can tell you that most of the indexes behave more predictably on 30 min chart vs. 15 min (I trade a lot of index options).
Am I making any sense?
I think I am going to follow your lead and leave this board, it proves to be a waste of time. Not sure if we are helping anybody.
I couldn't care less for the post of the "rocketscmuck" pointing to my unfulfilled call for about $1150 retracement full four trading sessions before the end of the week. I couldn't care less even if this call turns out totally wrong by the end of the week, I'll gladly admit to an error.
What really bothers me is that that post has seven thumbs up and not a single one down and not a single post to refute the idiocy. To me it means nobody cares, why should I?
I have very little to gain on this board, just like yourself. Email me if you feel I could be of any assistance and I'll do the same.
Now I am really LOLing!!!
I wish I was a psychologist too.... but being what I am I'll just call him a schmuck.
Just wondering where the knowledge come from. What was the old id? Ashamed of your record on the board? I'll challenge you to point to a single post I ever deleted from the board.
And BTW, you can see only in your sweetest dreams that you are as secure as I am.
Strange question: " Why can't libs believe that people can make their own decisions."
The answer is really simple: "because they cater to their brainless base. People there are inherently incapable of making decisions on their own" - that's why.
Very peculiar knowledge of the long history of this board.... Written by the guy whose screen name is hot off the press... created TODAY.
Lots of credibility to you, buddy. LOL. Speaking of the clowns.
They are NOT supposed to be "owned", they are supposed to be traded.
Thanks for posting this, John.
I've been screaming this message for about four years on this board, not too many people seemed to take notice. May be they will now.
I wish for your sake that you developed and used some strategy doing your purchases (not that I'd approve of this strategy). Seems totally random, which is never good.
I am not getting worked up on this board, I actually couldn't care less.
What I don't appreciate a single bit is when people take things I say out of context or otherwise change the meaning of what I say.
Had yesterday's conversation happen this morning... I wouldn't have said what I said yesterday. Forget about daily price resets. I never pay attention to the price or any technicals of the 3x things. You know what changed? The technicals of spot gold. Take a look at the double bottom on the 30 min chart, pay attention to the difference to the values of RSI at the time of each bottom. Plus a few other minor things.
I am probably one of the very few on this board who wish that you recover your paper loss in the most expeditious manner. But I am not going to abandon the reason to start cheerleading for something that contradicts my own analysis.
I hope you catch a break, and I hate to tell you that GDX $24 doesn't seem to be likely to happen any time very soon.
What was exactly this term used for? For yesterday's close above $4, if my memory serves me right. Correct?
Did this conversation have anything to do with today's session? I do not think so. It's still not $4.00, is it?
BTW Iwas in since spot double bottomed at about $1078 pre-market @ $3.2 and double down @ $3.1 - it's a full size trade with avg cost $3.15 + commissions. I just closed it @ $3,55.
Trading is about probabilities. It's not about what it's going to be, rather it's about what is more likely than not. If you look at the 30 min spot chart at about 12:30 PM EST, I don't know what you are going to see there, I saw a clear decline to the area of $1090, any advance above$1097 looked extremely unlikely to me. I wouldn't give it more than 20% probability. Given that, NUGT advance to $4.00 had probability A LOT (!!!) less than that. I do not know if I'd give it any more than 1% probability. I am not trying to convince you or anybody else in a single thing. Anything I write in here is my personal opinion and nobody has to agree with it.
NUGT over $4.00 by day's end? Seriously? Would require a hell of a catalyst, a nuke blown up in Iran leveling Tehran and the suburbs.
IMO it's got a little less than a snow ball's chance in hell.
You can apply this template to trading during regular hours. Doesn't have to be pre or post market. "The guy who is selling to me at this great price must be a fool" or conversely "the guy who buys from me at this high price must be an idiot", right? The truth is, you have no idea about strategy and objectives of the guy's on the other side of the trade. Plus, there are market makers, whose job it is to assure liquidity of their products.
Here is the fact: I have my own trading strategy, buy/sell indicators, I make anywhere between 3-6 trades a day and NEVER do I think of the reasons why somebody on the other side of the trade is selling to or buying from me.