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Ain't Too Proud to Beg 10/23/20

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On this, the 20th Anniversary of Capitalstool.com, the progenitor of the Wall Street Examiner and Liquidity Trader, I want to share a few thoughts with you. Please "bear" with me, and come along. 

I sometimes am asked to give my opinion on the work of other analcysts and eConomists, some famous, some not. I understand this. It's normal for people to question, and I'm flattered that anyone would care what I think about someone else's ideas. 

I prefer not to critique, or even read, the work of others. The only one I read regularly is Doug Noland. I repost his Credit Bubble Bulletin in the Wall Street Examiner.  I have followed Doug for years. To me, he's the godfather of liquidity analysis in general, and my own work in particulary, although I have long since gone in a different direction from his.

In fact, my work is, to the extent that I'm aware, different from anything in the business, and therein lies it's value. My only aim is to help subscribers preserve and grow capital. That's the name of the game. While I find constant monetary policy intervention in the stock market disgusting, it is what it is. I don't fight it. I identify the trend, stay with it, and look for hints of change that will change its direction. 

I report all of that to you in my reports. No one can or should ever doubt my opinions. When they're not clear, by all means, ask me, and I'll do my best to clarify.  

The limited time I invested in reading other people's work, simply has never been worth it. I have not found value. Early in my 20 years of publishing these websites, I did spend quite a bit of time following others' thoughts. Over time, I learned not to do that. Time is precious. I need that time for my own work on your behalf. 

I'm happy to answer questions about that work here, to the extent that I can without revealing current proprietary research which Liquidity Trader subscribers pay for. My first responsibility is to those of you who do. I'm grateful for your support. Without you, I would not be here. 

For those of you who don't subscribe, I humbly request that you do so. I wouldn't be doing this if I did not believe that you would find value there. And I give you the opportunity to find out with 90 days risk free to first time subscribers. If you have subscribed before but forget what it's like, write to me! I'm happy to extend a limited free period to you. Use the contact form on this page

Times are tough. Relentless bull trends and rangebound markets are not good news for this business. In fact, they're disastrous. I've lost a quarter of my subscriber base since April despite calling the market pretty damn well and providing chart based swing trading ideas, both long and short, that have been consistently profitable. 

So I humbly request your support now.  Subscribe now and I will prepare you the best I can for what's ahead. 

 

 

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Meanwhile, back to the business at hand here, the ES fucutures have established an uptrend since yesterday afternoon, within a broader downtrend. They've hit resistance at 3460 and have also almost reached the current iteration of the 5 day cycle projection, which is 3463.

Hourly cycle oscillators are in trending mode. If the ES clears 3460, it would not be clear sailing yet, however. Broader trend resistance will be coming down this morning from about 3468 here at 4:40 AM ET, to about 3466 when New York opens. 

The last pivot high of 3470 also represents resistance. If cleared, the conventional measured move target would be 3535. 

However, if they fail to clear the downtrend line, then the bears would still have the ball. They need to break both 3450 and 3440 to do anything with it. Otherwise it's just a stalemate. More meat grinding. Very tough to make money day trading this. 

Click to engorge. 

tvc_359ca9bd6de0478e8f4fe4f0ea80a507.png

 

Click here for the longer range view, and subscribe!  

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12 minutes ago, DrStool said:

Looking at a 2 day cycle projection of 3475. 

Well. That's not going to happen. This pullback pulled the projection down to 3365 and 30 minute bars oscillators flipped to the sell side. 

tvc_5754f9a508a6ce5b689c6e7522101075.png

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But the shorts don't look like good shorts either. 

They've all done the opposite of what they're supposed to do. 

😆😆

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Trading this market over the past week or so has disabused this day trader of the fantasy that he had developed a great day trading system.  

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TD Ameritrade terminated my account. 

They can't handle the truth.

They have a lot of problems with their platform, and I let them know in no uncertain terms how unhappy I was with it. 

 

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