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Based on my analysis I was looking to buy instead of selling the best set up we had for that based on a 233 tick chart was a nice ABC down with C leg having 5 waves in it it stopped right at the target area plus it stopped at 2 Fibs level I had in the 705 range the projected move up was to reach 713 714 and it went there. I forgot TF was also way OS and signaling a small Divergence on that last low when we had the buy signal.
I guess there is as many different analysis as trades. I'm glad that it worked for us even if we saw it differently!!!
I saw that setup at 610T and I didn't have it at 233T. I saw that it was OS on 610 also and that was the reason that I moved my SL for 4 points. I knew that we can revers or at least have a big pull back. Then I decided to move it back to BE.
I also saw those 5 waves, but it followed by ABC and short signal so I was expecting continuation of the trend. When I saw that we couldn't break through BL I decided to take profit before it's too late.
Main reason why I was looking to go long was because we had achieved 698.6 on TF during the overnite session that was the 162% Fib so from that point I was looking for a good abc down to go long as I knew the odds of going up were greater then making a lower low. Also today was a sell day and we went slightly lower then the buy day low to reach the Fib goal so odds based on Taylor's trading technique were also calling for TF to go up.
When I have a Fib level that is reached giving me possible reversal area and Taylor's cycle also calling for same I prefer to go in that direction instead of taking trades in opposite way. Of course you can make money trading in any directions as long as you use good risk money management.
P.S Most of the good signals today were on the buy side anyway so I guess market was trying to tell us something.
I prefer trading patterns and signals that are obvious.
My bad habits came back to visit. I couldn't stay out of the market for more than a minute. I didn't follow any of my rules for the most part of my trading.
Somehow I got that all back. I guess I just got lucky.
Didn't hold #12 and 13 to 162%. Market was moving slow and I closed it at 100%. Then entered short but I changed my mind and closed it at BE. And guess what? It went right to the target. (Story of my life)
I think trading in this market is a crapshoot. It feels like Holiday trading to me... I didn't watch the market except for a few minutes but boy was it moving up...
today is quad witching day
Definition of 'Quadruple Witching'
A day on which contracts for stock index futures, stock index options, stock options and single stock futures (SSF) all expire.
Investopedia explains 'Quadruple Witching'
This is similar to the triple witching hour, except that the quadruple witching hour sees also the expiry of SSFs.
Quadruple witching days occur on the third Friday of March, June, September and December.
Here is an idea to keep you on the sideline on crappy days and yet keep your happy fingers going. Buy a used real Video Poker Machine for about $1000, fill it with quarters and play until the markets behave favorably.
I wouldn't say it was a crapshoot. I think it was pretty good day actually. It was just me crapshooting my orders in front of the train. I don't know why but I thought that market was short at the open. I didn't wait for setups because I had a feeling that I'm missing out. I hate when that happens to me. The funny thing is, I know it's wrong but I still do it.
@cory Thanks man. I remember you said that at last rollover day. One week is futures expire and next Friday options and other stuff. It could be a good day but I couldn't control myself.
@aligator That's not a bad idea. I just think that you can miss entries while playing.