the part that really gets me is that im a systems trader so this was a big swing trade sell signal. these types of setups can take days or even weeks to set up. i waited for this and i blew it with stupid stop losses ( i did not stick to my volatility stop) instead i allowed fear to grip me. i was afraid that the mkt was going to retrace hard and i would have to hold the position for a few days until it turned around. i did not want to do that and instead i allowed my viewing of the chart to dictate the trade. i was afraid that i might be selling an oversold chart pattern that would bite me hard. sometimes the "ST signals" i.e. swing trade signals will trigger during the end of a cycle/ overbought or oversold condition. bottom line: i second guessed myself and my system and it cost me big time $$$. not in cash but in oportunity loss. i still made big money on the trade in normal standards i.e. the national average daytrader makes $62-$100 per day if they are lucky. well i made several times that but still i hate the fact that i messed this up. yes i made my daily goal of trading i.e. $500-$1,000 per day but i could have made $6,000 today. instead i settled for $700.00 I THINK I WILL PUKE NOW.
TOP STORIES US STOCKS ERODE FURTHER ON POOR EARNINGS; DJIA DOWN 7% Stocks continue their freefall amid another round of glum profit news, underscoring the risks to an array of sectors as the global economy slows. The Dow Jones Industrial Average was recently down more than 600 points, with all 30 of its components showing declines. MERCK WIDENS COST CUTS; WYETH NET NEAR FLAT Merck's earnings drop 28% and it announces 7,200 more job cuts as it grapples with a sales slowdown and vaccine manufacturing glitches. Rival Wyeth discloses delays in conducting late-stage patient trials for an Alzheimer's disease treatment. Wyeth drops 8%, Merck falls 3%. hhhttp://custom.marketwatch.com/custom/tdameritrade-com/html-story.asp?guid={7f3e8a76-2d80-4113-98b7-6ff469f1b971}
I said this morning once 910 is breached I have no idea where the low is. Indeed, I do not even know why it bounces off that level. Very puzzled.