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The long is over and we are short

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Watch out Alsi, you speak as if the market patterns are obvious or gauranteed. Be careful.
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Thanks for the concern but as I say i am well into profit on this trade and I have my stops in place so nothing to worry about. But you are quite right patterns have much smaller probabilities of working out than what most realise.
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bearish close with short covering. Gap down of 200 to 300 points quite possible.
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I tried to google it, and got directions to a metro station in Barcelona. Oh well! @Jonno, you miss the point about chart patterns. There is no pattern that has a discernable chance of success over another, the point about them is that they enable you to filter out noise, so that you can consistently enter a market on a defined set of events. If you just do it randomly, on any old signal you see, your drawdowns will wipe you out. I have spoken at length on that subject in some old posts.
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Valued Contributor
yip, I left chart patterns a long time back .. they have no measurable and are useless to a mechanical trader ..
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Super Contributor
if u dont use chart patterns then what do you use?
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Super Contributor
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@Realchartist Chartist Our long term target reached at 29185 .. The long is over and we are short. 18 Jan via Twitter for iPad
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also went short at close at 30310 it seems
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Super Contributor
and the market moved about 200 points against you...but i assume like a good trader you had a stop loss in place and you traded well ?
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Rams my stops on the longer term stuff are worked out based on risk reward. They are different for every person and you need to work these out for yourself. I will add that a half percent stop on a longer term trade is too tight.
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Rams I see that you were not asking about that - keep on top of things you will know that this is an old trade where profit has been taken long ago. The latest short term trade was to go short at the close on Frida and take profit in the usual porfit lock in manner. (we moved from 29310 to 30120 - 190 points) so the market moved in our favour before going higher. If you would like to be informed of the status more regularly you know which twitter account to follow.
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andre20
Contributor
What is your twitter account name?
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Super Contributor
look at the posts...you say short all over...so you were expecting the market to go lower just when it went higher so you were stopped out there....why would you close your shorts and advise all of us who are not following you on twitter to go short...are buying our shorts?
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Rams please have a loo at the date of the post (18 Jan) this was last Thursday and i detailed how we traded the short to below 2990. Your agenda getting in the way of reality my friend.
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Super Contributor
@Falsitrader or maybe @Faultytrader
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Not applicable
since you like playing games. Last twitter post of the person i follow "Short at 29250...major reversal here..." and last night "Gap down and possibly consolidate..." [email protected]
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