Intra-Day Update: WAIT for it!
UPDATE 2:00pm EST: Judging by the recent flow of comments it seems that many of you rats have been wearing the ‘ring of panic’ and thus have slowly turned into Gollum in the past few weeks. I can see you guys now – sitting there glued to the screen with your mouse cursor over the order button – an X-large box of Prozac on your table right next to a few lines of nose candy. Why the heck isn’t the damn zero triggering? Oh, I think I just saw a signal, why is it gone now again? Lunch? I need no stinkin’ lunch – that’s for losers! I’m going to miss the trade of the century, I just know it!
When my rats start chewing the cables and get all unruly on me I usually tell the story of Son Bull and Papa Bull:
Son and Papa Bull are standing on a hill looking down on a valley full of cows. Son Bull says to his dad: ‘Hey dad – why don’t we run down the hill and fuck one of those cows?’ Papa turns to his son, smiles and says: ‘Why don’t we walk down slowly and fuck ’em all?’
Well, you know what the moral of the story is: Don’t let your wife and the local media catch you cow tapping 😉
Now seriously, Berk and I have been trend traders of the turtle conviction for a while now and it seemed to work just fine until the market started going completely loco. As we are not impervious to the dark side of the force we found ourselves caught in shorter and shorter trades. In the beginning the worked out just fine as we were bearish when many were still catching up. But the market usually stays one step ahead of you and it started catching up with us. And so we decreased our trading window even more. Lather, rinse, repeat…
At the end we found ourselves glued to the screen and barely being able to follow nature’s call. Not good – and it was at that point that I decided to change the game because the game had changed us. Thus – the Zero – love it or hate it – seems to be able to tell you what the state of the market is. And if it moves that thing will probably tell you. And of course we love that opportunity to know – but instinctively we also hate it, because we ‘want to do something’. How often have you executed a trade and subconsciously knew it was a crap shoot? Yeah, you rationalized it just fine, but when it went against you (as expected) you knew inside that it could have been avoided.
Listen, if the market doesn’t move we evil speculators are up creek without a paddle. There’s nothing we can do and we have to wait it out. Just read a damn book on charting or go to your favorite nudie bar (that hasn’t burned down). You must have other evil inclinations beyond trading.
That’s it – don’t bug me for crying out loud – wait for it and you shall be rewarded.
UPDATE 6:01pm EST: As much as I hate to do it, I have to praise you damn rats (shudder). The dialog especially in this thread today was light years away from what I complained about a week ago or so. NOW we’ve got ourselves a fracking trading blog, ladies and leeches!
Good show today everybody – I actually saw people think along and not look for easy answers presented by others. I’m proud of you guys. Let’s hope that 875 RL breaches overnight – damn it 2sweeties – why did you put this one in our way? We were just about to go on a roll here… 😉