I typically only have CNBC running in the background.. aside from that I don't pay too much attention to the market news. However, I do pay attention to economic data release and Fed news days though. What news source do you primarily use?
bloomberg, reuters and tradingeconomics for data releases I like looking at how the market reacts to some news or data. I thought you were only focused on TA that's why I asked
I was in the same position as you except I held , it bounced from there . The reason I didn't stop out is because of the slew of econ data out for the rest of the week..today there was very little data. I use technical but the macro as well..my reasoning is that the prices wont drop that far if there is a decent amount of data coming out until they see it. Mortgages probably wont be that great but ISM s could keep us afloat till Friday s payroll number. Not to mention we re starting earnings soon and some feel we re turning a corner to the good . Whether they are right or not on earnings expectations doesn't matter..they don t know so we wont drop too far until we all see it. Short an es once in a while if you re long NQ and you re under to absorb volatility in yer account
CNBC yeah I love those people. Becky and Joe in the Morning, Judge wopner at noon, F.M and Cramer after close..I like all the people and of course Goddess Sima
2016-10-04 Summary Daily P&L: -16.00 (2 trades, 2 losers) Trade Summary Trade 1: Saw that the market was range bound and attempted to play the long side thinking it would potentially rally. Trade 2: This long was in anticipation of the EOD reversal, which I was clearly too early (yet again). I lost sight of the overall trend today. A lot of signs pointed to a high probability of a sell off on a number of occasions, however I get so caught up in the moment trying to execute and profit based off of the current trend that I tend to forget about the major moves to come. Playing the short side only today would have been a better move. Things to (continue to) focus on: -More patience on the trade set up (wait longer until I take the 1st trade, for the range and chart patterns to develop) -Need to mentally visualize potential chart formations both to the upside and downside (anything can happen), and strategize my game plan -Protect profits (do not hesitate to exit and take profits at current levels when market is exhibiting signs of slowing down / utilize time stop) -Okay to miss entry and not make a single trade for the day -Always keep the overall trend in mind
Thanks for the post! It's very insightful to see the rational behind your decision not to sell today. Looks like it was a good call! Do you normally use stops and targets when you trade?
2016-10-05 Summary No trades today. Decided to stay long only today due to the strength in the market and new highs being hit, however I kept missing my entry points unfortunately.