I prefer previous highs, lows, opens, and closes as levels to watch rather than chart patterns myself. 10/8 was what I consider a buy day. Price made a test of an important low and closed at its high. On such days I've noticed that a good place to enter long is when price rises back through the open of the day. Today's low was a test of that October 8 open. Coincidence? Maybe? Probably? Probably not? I don't know. But previous weekly opens, highs, lows, and closes, and the open, high, low, and close of significant days seem to be memorized by the invisible hand of the market. My feeling is that this pullback will continue lower toward the 5725 level. Not necessarily today and not necessarily ever.
Partly it's a personality thing, partly is really, really, really acknowledging that a high percentage of most succesful trading (not 100%, but certainly way higher than 50%) is blind luck. Then you don't feel (so) bad about losses. The flip side is when you win, there's not so much to celebrate.
Maybe it's time for you to bring your trading skills to next level by focusing on how algos running price up and down like today. Doing so, it's very RARELY that you'll get trap on the wrong side. Please don't tell me that it's impossible because you are smarter than me. For me to figure all of these out by myself, I had to relocate to a cheaper country (after giving up my IT job working in a bank) for a couple of years in order to budget my living expenses so that I could focus completely doing this to get to where I'm.
Now today is a perfect example of what I was saying to V-man. The Q's are down 2.3%. Maybe we get another 1.5% tomorrow. Maybe not. But all drops eventually see a bounce. So Monday if the Q's open at $473 and climb to $480... we'll get one of his copyrighted "Nothing can hold this market down" posts. And I'm not slamming you V-man (if you read this)... I'm just pointing out that's the way things work. It's not one step back three steps forward. Now when the Q's take out $500, $505, $510, $515 ... and keep going to $550 or wherever, then yes. But as we stand, we are 1.5% below the start of the second half of this year. But whatever. Who cares.
V man is here. V man is stunned how the monthly candle just flipped on a dime. Vman is waiting for the magical V from tech ER to occur tomorrow. More updates after AAPL pumps this back up.
This is a fair post. I’ll respond better tomorrow. Tonight/ tomorrow is the most important 24 hours. The V needs to happen or the charts have changed.