how do you see the dow index going today Dow Jones and S&P commentary: Signal Watch Dr Bob Hard Right Edge Raptor Research Charting by Snoball: Dow Chart S&P Chart Drinks & Break Time at: GD's Famous Tea Room & Watering Hole"

DOW JONES @ LIVECHARTS

nice going lw.

It only works if it continues sideways, within a good price range.

Thought this was interesting:

1512 GMT (Dow Jones) LONDON--FTSE 100 treads water at 4411.9. Trades in a tight range after Wall St opened on a slightly downbeat note. University of Michigan sentiment reading of 103.8, Chicago PMI reading of 65.9, both slightly better than hopes, help prevent FTSE from sliding further. "With minimal UK company reporting over the last few days, we inevitably been left to watch the political circus at Westminster, but with some solid corporate reporting due next week, there&aposs universal relief amongst traders that we can get back to working with substance, not spin," says trader."

i still havent opened up another position yet. not sure what to do mixed sentiment because of last trading day of jan, gdp figures below expected, possible profit taking so i would assume downwards today but its just too sideways. wondering if traders think markets have dropped enough already this week.
will watch for a while i think

My big worry is that every time it tests 10450 it's carry on down! Although so far I've well enough that it'll have to drop a long way before it wipes out the profits so far.

very slow boring day on the dow. feels more like the ftse.
i got an up and down open and see if i can walk away with a small profit today. if not, i am sure come monday something will happen.

have a good weekend guys.

javid

you too, javid.

Wall street should be back from lunch soon. Maybe it will liven up then.

What I need now is a closing rally to 10500.

i dont mind if it goes up or down as long as it gets of its arse and does something!

:-)

I have a single contract DJ left @ 10232! I think I'm going to leave it open over the weekend unless we get that rally!

how dull?

Looks like we got the rally!

How did you get 10232 lw!
Nice one!

I'm leaving my long open.
Nite y'all.

Raised the stop & was promptly stopped out.
I think using stops is a guaranteed way to lose the trade.


G'day y'all. Trin's a bit bearish isn't it?

snoball - what stop distance did you use?

javid,
On Friday I used a 90 point stop but earlier today I moved it up 40 points. I should've left it an I would still be in.
It's a bit tricky setting stops as I use the cash Index chart and the futures trade at a discount which varies.
As a rule though I use the previous days low for overnight stops.

Ref stops, I use mental stops.

The way I look at this game is like playing poker.

It's bad enough that the market knows your hand, but if you tell
it how you are going to play your hand as well then I consider
that to be stacking the odds even more against you.

It's amazing how known stops seem to attract the price action
like a magnet, isn't it. ;-).

If I'm concerned about not having a stop in the market at any time
then I will take out a hedge position, say, long on some stocks
or sectors with a hedge short on an index.

Melnibone.

Hi Melnibone,
mostly my stops work well enough but sometimes I am a bit hasty and move them too close too soon. This was the case today. The Dow seemed a bit weak so I thought I'd move the stop up. Who knows maybe It will drop and then I will have made the right decision.
You're right about how the stops attract price action. I did check the chart but it was a Fins chart.
Good idea to hedge as you suggest.

snoball - i used to use stops on dow but it always caused probs. i got a credit acct and it makes spread betting a whole lot more easier. see if ou can get yourself one. i use ig and going to try out cantor index credit account from next week.
as far as today is concerned, i left a down open (wish i had closed it now) and i have numerous longs at different places.
beginning of the month, everyone injects money so i think i got on the back of that for a while. dont know if it will continue up but still have some longs open. closed 3 longs and have one short (pretty big negative right now) open.