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Market feels heavy this morning, looks to be at an important hold or fold area for the entire year ahead, and the decision could change a lot of structural things from here either way.
A rip back to the extension short at 9450 is not out of the question, but it would need above 9500 to look for large long pullbacks, otherwise shorts still in control with downside targets toward the remaining December gaps. Even then with a full short hwb close by there it's a tough turn around for now, but I'm sure it will try.
No trades for me today, have a good w/e one and all.
Yes, particularly impressive as end and start of months are usually bullish. Still looks ripe to die and right now methinks TPTB are trying everything possible to halt a w3...
Very true!
Have shown on december the 14th (yes - last year) a bigger picuture of the Dax - the discussion will be in that
thread then - and a landing @ 8350... in extremis might be possible (as long we cross that daily Kumo now).
Have this in mind when start over next week.
GFIs1
January effect has been strong since 1950, so far we are on course for sideways, -10% or new bear for 2014, a trip down thereabouts and maybe ES1650's in the US might then allow the Gann cycles one more big lift into 2015, depends if we are seeing the next deleveraging wave start or not, but that's strictly wet finger in the air musings. The curtains were drawn, but the rest of the room was real...
edit: It's just closed the 9179 gap, depends if it wants the 9095 one as well today, still too heavy for me to want to play, platforms tend not to behave very well.
January in the spreadbet accounts was at best a stalemate, I made no net progress and it was as big a mishmash as last November. So, I decided to get back to basics and try the Ninja simulator and chart trader for the first time ever (sad or what!) and in one of fate's frequent cruel ironies I had one of my best days in ages.
Posted here for my own reminder, just using a simple 20-40 tick stop and target, enter and exit at market (I know no commisions, but the spreadbet accounts don't either):
Shame it won't pay for the fish and chips. (Or for the follow-the-trend lessons, that still haven't worked.)
Still trading and not given up, but it's a fair assessment, caught red-handed in fact. I had taken several steps back to review (yet again) my approach. I totally struggle with sticking to a plan once made, they can last minutes.
Today for example I couldn't resist taking two Sprint trades for the hell of it, one 2 minute trade and one 5 minute trade, both stupid losers. I had one conventional trade with a sub-optimal entry that covered one of the losers. The contrast between alternate days can be stark and uncomfortable indeed. I have now deleted the Sprint layout yet again.
Since you asked so kindly, tonight's plan, which is intended to last for the rest of this month at least, is to only take two types of trades, intra-day with fixed 15 point stop and 45 point target in one account, and multi-day swings with fixed 40 point guaranteed stop, 120 point target in the other, i.e. both 3:1 risk/reward. I am allowed to add to a profitable position in the account that uses stop-aware margins but not otherwise and strictly no meddling.
My struggle is rarely with the market, I can see it fairly well on most days. Sadly the fight with myself knows no bounds. If I thought I could keep a plan going for more than a week or two I might start posting useful pictures again, but until I can do so there's no point and not many points.
Well, if thats the case.Why dont u adopt GF1S trading rule and allow yourself just ONE TRADE per day ( just like one meal per night etc..)????I take it you have a day job or you rely on trading for your income??