A very interesting Week... more learned.. a lot more learned. I have read somewhere prices are "put" where they are and thought.. O...K... Now I know there is a "PPT" or "They" or "The Boys", whatever the name, some people that manipulate prices. Always had an inkling but I am sure now. The signs were the concerted efforts to create the mirage of strength towards the end of trading (which is when it is said "pros' trade right?) every day this week. Every day I was short and thought, yes the triangle is broken and continuation is at hand, and then what the??, where did THAT come from? Combine their now confirmed existence and VIX at record highs and their job is even easier as shorts (the less experienced one like me) are on edge. Friday was the ABSOLUTE classic... When I saw the futures I was in dismay I had been kicked out of my Shorts by the best pump ALL WEEK (300 plus Dow reversal) end of Thursday and completely did not remember to think long on such a gap down... even if for a quickie. These futures are THE tool to set the stage for the days performance. If there was a day the shorts should have won it was Friday. THE other tool they have is the Dow... an index I think should have at least 100 names in it. As it is, it easily moved around, has big numbers, and the dolts on CNBS use it to no end... Actually just abolish both the Dow and CNBS (the once a week I glance at it keeps me nauseated for the week). When futures start so negative shorts are bound to take profits, then "they" just ad a little fuel and the run-up gets out of hand.. These thoughts are either a healthy paranoia which will help reduce mental stress by answering to the "wft?!" days and therefore improve profitability... or the beginning of my end, mentally. The biggest cost I sustained (which cost me the week) was the result of buying into Monday's end of day run-up to take home... -5k next day and was in come-back mode all week.. Still a positive week.. Added up all the down weeks and came up with 87k.. down week bad.. positive week (even $100) good.. Back for more beating next week.. no problem.,. Hope the volatility continues.
Homework like this will help the trader behave properly when the time comes... SP500 Hourly. A beautiful chart.. Triangle broken last week, BUT we are at a low area, confirming the reason to have bought at Friday's gap down. So there is ample room to rise back up to a VERY hard trendline from September. There is a confluence of THREE.. yes THREE lines around 930. If a trader doesn't short there then he/she needs to find another profession... There is a possibility we go into this 830 to 930 range and the 2003 lows are never seen but who knows... If I do this daily and write in instructions on what to do there, I should do better.. So the Monday Action plan "should" be to favor a long trade.
Trials and tribulations, agony, sweating, swearing... $%&&**%, ^^&#*(($,..... etc... Always make for good viewing.. Suffered again today.. just from watching.. but happy in that Ameritrade will send me Xmas card this year as I have kept them afloat... Waaaaaaay too many trades that ended me negative 30 mins to close... So much churning... Then a TWM long at 135.9 held into close... had to rub my eyes.... Sold 1/2 in AH at 146. Saved the day... sometimes you get paid just for being present.
Well... if wishes were horses, beggars would ride... Wish I sold all TWM yesterday but that's spilled milk.. Added over 137 but sold way early.. Also the devil made me try UWM long simultaneously... Seems in daytrading price levels are good to know.. the REAL gold is the ability to act when they stare you in the face.. I think most cannot stand and deliver. 135 to 147 on TWM so clear now... Now sit on hands and don't overtrade. Slightly down for the day..