Maybe another flat day on Monday, then a rally up Tuesday and Wednesday. After that… it's down we go! I'm not taking any long positions, as I got out of mine today with a loss.
Basically, I gave back the profits I made from my short on Thursday at 1060. I got out at 1043, and waited till the end of the day to go long (1031).
I sold today at 1025. So, I gave back that profit. I failed to follow my own forcast. Taking the emotions out of trading is the hardest thing!
The rally back up should be weak. Maybe back up to 1040? I think 1060 will be tough to get back too, but I'd love to see it. The higher it goes back up, the better the fall will be.
Now, if I can just get out of this long that I got in around 1032 yesterday. Damn… I can't even follow my own forecast. I predicted that Thursday and Friday was going to be a down day, and I got scared and got out early.
Then, I went long thinking that they would rally Friday on fake jobs number. Looks like another down day today. Slap some sense into me Douala.
Love the picture and caption “RDL”. Good analysis. I know the feeling of being burned holding over night. Also I know the feeling of NOT holding over night or weekend. I seem to get burned either way. LOL!
Yes, discipline. I must master that! Not getting caught up in the noise and following my own plan. I spelled it out exactly that I believed the market would go down Thursday and Friday.
What did I do today? I bailed at 1043. I left a lot on the table. I did get in yesterday at 1060, so it's still a profit… but go long today at 1036 was foolish.
I'll probably pay for it tomorrow if we continue down to 1020. Just slap me and call me stupid! LOL!
so 1040 would be the channel top and I would think that would be a good short and hold on for a while level….what do you guys think..
You're right Jay. I think 1080 was the top of P2. We should get a rally back up on Tuesday and Wednesday of next week, but after that it's down we go!
Maybe another flat day on Monday, then a rally up Tuesday and Wednesday. After that… it's down we go! I'm not taking any long positions, as I got out of mine today with a loss.
Basically, I gave back the profits I made from my short on Thursday at 1060. I got out at 1043, and waited till the end of the day to go long (1031).
I sold today at 1025. So, I gave back that profit. I failed to follow my own forcast. Taking the emotions out of trading is the hardest thing!
The rally back up should be weak. Maybe back up to 1040? I think 1060 will be tough to get back too, but I'd love to see it. The higher it goes back up, the better the fall will be.
Its hard to swing trade this stuff on a day-to-day basis. I've removed a lot of stress by zooming out and simply following a larger scale strategy.
Let's hope for a low volume rally through next week!
Hi Red,
LAST WEEK -I posted several times on my blog that ANY rebound NEXT week should ONLY back kiss a descending channel
Jay
he Red I guess we hit the bottom of the channel now rally up the the top of the channel?
Now, if I can just get out of this long that I got in around 1032 yesterday. Damn… I can't even follow my own forecast. I predicted that Thursday and Friday was going to be a down day, and I got scared and got out early.
Then, I went long thinking that they would rally Friday on fake jobs number. Looks like another down day today. Slap some sense into me Douala.
Love the picture and caption “RDL”. Good analysis. I know the feeling of being burned holding over night. Also I know the feeling of NOT holding over night or weekend. I seem to get burned either way. LOL!
Its hard to swing trade this stuff on a day-to-day basis. I've removed a lot of stress by zooming out and simply following a larger scale strategy.
Let's hope for a low volume rally through next week!
Yes, discipline. I must master that! Not getting caught up in the noise and following my own plan. I spelled it out exactly that I believed the market would go down Thursday and Friday.
What did I do today? I bailed at 1043. I left a lot on the table. I did get in yesterday at 1060, so it's still a profit… but go long today at 1036 was foolish.
I'll probably pay for it tomorrow if we continue down to 1020. Just slap me and call me stupid! LOL!