That was quite a finish yesterday and I'm glad I took half my profits a little after 2 pm. QLGC - $48.31 DIA - 101.75 INFY - 62.82 SP - 1122.5 Only one of my stocks, INFY, switched to long at almost closing time, at $63.73, and I (reluctantly as always) didn't take the signal yet - want some confirmation of this sudden rise today. Of course, this %%##@@ stock does these jumps often - but since it makes money for me I have to endure its frequent, adolescent mood swings. Isn't that the essesnce of swing trading?
Jobless claims drives pre-market furures lower, but a component of these claims is repeat filings, suggesting a stasis in net job loss. THe morning should be interesting. Took profits on DIA, thx to whomever took my offer this am. Support yesterday held at 1120 in S&P which coincides with the middle of the 'W' formation breakout Feb-Mar. and is important. I'll watch this area as a pivotal juncture. QQQs will open a little above yesterday's lows. This early reversal of yesterday's late reversal ought to stretch volatility higher this morning and may produce a nice reaction at these levels.
Everybody, repeat after me: I WILL TAKE MY SYSTEM"S TRADES _ ALL OF THEM - THAT'S WHY I HAVE A SYSTEM!!! Looking at INFY at $1.4 above opening price (not to mention the $.2 from yeterday's signal to yesterday's closing price,) and translating that to what it would mean for my usual 1000 shares lot, my heart is trying to choke me... One of my many biggest problems is that I constantly second-guess my systems and methods [On the other hand, my taking early profits yesterday, made me some good $$ - maybe a little more than if I had just stuck to the stupid system...] Do you hear this ##@@%% thing re-starting???
Good volatility reflex this morning SOLD QQQs 34.97 +.12 - late entry on the buy. QQQs crapped out at hourly resistance and right below that fib cluster 35.20 - 35.50. A break of yesterday's lows will take it to 33.10 - 33.5 area quickly. Current positions: -500 RYL @ 90.45 Homebuilders DHI PHM LEN BZH setting up for short. Otherwise, finding a dearth of swing setups.
There are days that I look at my screen and then at the signals from my systems and they don't jive. I then take over, groaning and moaning, sometimes winning, sometimes losing - it's a wash but it relieves some of my anxiety. Like the INFY thing: went long, reluctantly, at $65.42, this morning, and sold at $66.43 - feeling guilty about getting this buck, because the system was still long and I had not only come in late but was bailing out early. Now, the price has dropped below my exit point (although it reached $67 - yikes!) and I feel somewhat relieved (read: justified.) On the other hand, seeing the writing on the wall about QLGC, I switched to long at $50 - just above yesterday's high (closing a profitable short) and the system turned long at $50.48. I took partial profits at $51, the system is still long, and I think the price wants to come down from there (currently at $50.89.) Went short the Dow futures at 10200 - and am currently in the red with that one - ouch! Still short the SP from 1143 and change - happy about that. How many people here swing-trade based on a system and how many just eyeball it? Would be interesting to know.