Posted by ndtrade123 on 13th of Mar 2009 at 12:09 pm
Guys, I am pretty new at this, and yes I read all your posts and
the updates from Matt and Steve. Most of you think that we
are going down for a bit from here. Can anyone comment on how
low it is going to go on the S&P or Dow? The market is
holding up decently today and the sentiment is decent as
well. I am just wondering if I should hold my long positions
over the weekend or I should just sell them now. Please
advise.
nd -- its very important to be clear what your time frame
is. What was your intention when you took the longs?
What will keep you up at night? The famous trading advice --
again from the Jesse Livermore book is - Sell until you can
sleep. Lok at the sticky chrt matt posted this morning, with
the fib retracements on it. Look where the 38 and 60 levels
are and decide it you will be stressed over the weekend if the
market is on its way to those levels. If you will be, sell
until you can sleep. If not, hold, because I guess we're in
for more upside sooner or later.
Posted by dallassteve on 13th of Mar 2009 at 12:31 pm
To answer your question about how low the $spx can go in the
very near term, I'll give you my two cents worth. Take the
666 low and subtract it from the 752 high. I am hoping for at
least a 38% retracement of that. (32 points)
If you are newer than I am at this, then be careful to
understand what time frames people are trading in. Matt has
laid out a scenario that we have an ABC move up. That is what
I am expecting. We've had A wave up, so now here is
B going down. But wave C will come and take us back up.
It is possible wave B down could complete today, or in the next
couple days. I am trading SRS, but I may exit half or all of
my position today.
You will want to get other opinions, too. All the
best!
did you take 1/2 off your Long shares yesterday? take at
least partial profits in this market when you hava a good move like
we've had. That's what I always have on the Watch List notes,
sell 1/2, then readjust stops to entry price, that way you are make
a profit even if stopped out. Or if you are aggressive you
could have sold all your longs with the intention of buying back on
a pullback. Everyone is different and has different risk
tolerance. But not a bad idea to take some off after you've
had a big move like we've had.
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Guys, I am pretty new
Posted by ndtrade123 on 13th of Mar 2009 at 12:09 pm
Guys, I am pretty new at this, and yes I read all your posts and the updates from Matt and Steve. Most of you think that we are going down for a bit from here. Can anyone comment on how low it is going to go on the S&P or Dow? The market is holding up decently today and the sentiment is decent as well. I am just wondering if I should hold my long positions over the weekend or I should just sell them now. Please advise.
nd -- its very important
Posted by Michael on 13th of Mar 2009 at 12:34 pm
nd -- its very important to be clear what your time frame is. What was your intention when you took the longs? What will keep you up at night? The famous trading advice -- again from the Jesse Livermore book is - Sell until you can sleep. Lok at the sticky chrt matt posted this morning, with the fib retracements on it. Look where the 38 and 60 levels are and decide it you will be stressed over the weekend if the market is on its way to those levels. If you will be, sell until you can sleep. If not, hold, because I guess we're in for more upside sooner or later.
To answer your question about
Posted by dallassteve on 13th of Mar 2009 at 12:31 pm
To answer your question about how low the $spx can go in the very near term, I'll give you my two cents worth. Take the 666 low and subtract it from the 752 high. I am hoping for at least a 38% retracement of that. (32 points)
If you are newer than I am at this, then be careful to understand what time frames people are trading in. Matt has laid out a scenario that we have an ABC move up. That is what I am expecting. We've had A wave up, so now here is B going down. But wave C will come and take us back up. It is possible wave B down could complete today, or in the next couple days. I am trading SRS, but I may exit half or all of my position today.
You will want to get other opinions, too. All the best!
did you take 1/2 off
Posted by matt on 13th of Mar 2009 at 12:28 pm
did you take 1/2 off your Long shares yesterday? take at least partial profits in this market when you hava a good move like we've had. That's what I always have on the Watch List notes, sell 1/2, then readjust stops to entry price, that way you are make a profit even if stopped out. Or if you are aggressive you could have sold all your longs with the intention of buying back on a pullback. Everyone is different and has different risk tolerance. But not a bad idea to take some off after you've had a big move like we've had.