When I say I lose my butt it is not as bad as it sounds. It is my percentage won/loss ratio that goes in the toilet. My countertrend system has given me 4 short signals in which I have done well, and 8 buy signals that have not done so well. An overall loss for the day is inevitable unless something drastic happens. If I were to have used 10 minute charts I would have done much better. Only two sell signals all day, and 1 buy signal that would have lost money. I will have to back test this and see if it is better than my three minute charts.
Long on the ym here at 13117, should get bounce off the gap from 8.21 and large retracement here, first buy area all afternoon.
Have you covered your short yet? Sorry, I couldn't resist. As always, justa beginner's luck. As I posted earlier, the actual target lies at 1435. So take your profit no lower than 1435.50, if not higher.
looking to get long when overbought condition is finished.... another 20 points should do her..... .... if bull trend resumes this could be the buying window here..... spx 1420 thereabouts..... ....can't believe it is getting there so fast..... hmmmm...
Buying early weakness/selling early strength is usually a good strategy, but if the bounce/pullback is weak, especially during the so-called dead zone, one had better get out. Look for the bounce--if there is no real bounce over an hour or two, that is sign that the trend is strong. Strongly trending markets tend to move in tight channels, and there is little movement away from the trend; countertrend strategies tend to work well on days when the market bounces around. Trend days are rare; on an intraday basis, there generally is no trend, even in stocks like GOOG. Another sign is how the market reacts when there is a new low after a period of consolidation. Look at today for instance. If it is going to be a double bottom, then the market should move swiftly away. If it does, the bottom will probably hold. If the market just hangs there for some time and does not bounce away, that is sign that the bottom is not going to hold. Buying new lows in that kind of environment is the proverbial catching knives. If one loses money in the morning on a trend day, like I did, there is plenty of opportunity to make it up in the afternoon, as the trend tends to become even stronger late in the day.
nasty selloff, I guess the market is not impressed with the fed language. They are still talking about inflation, note that the USDJPY is down $1.47.
Stopped out, don't usually try to catch it like that but been a good day on the short side and risk was minimal. Could be one more shot here at 13089 but I am done.
Agreed, and I definitely lowered my loss in the last 30 minutes to an insignicant amout. It is just frustrating because as you look at the day in hindsight, I could have held my first trade throughout the entire day.