My SOMP⢠is working fine, thank you very much for asking - I was merely referring to hearsay from some ex-traders. But back to trading, my friend. I believe you can significantly improve your bottom line by combining the best of Linda Raschke and Alan Farley - what I had in mind was the "coiled spring up your short skirt" setup.
You think I can't read between the lines? I know what you are really saying, and I'm going to report you to the moderator!
Nothing like wholesome Sunday evening banter as all anxiously await the Monday opening.... I'm sure the journal will return to the topic at hand (trading, that is) when the money starts flying.
I'm glad you read the Journal. Do I have to put up with what that moron Subliminal posted? It doesn't take a rocket scientist to figure out what he was really saying.
The first day of the trading week is one full of excitement, and unanswered questions. Questions like should I have a Bullish or Bearish bias? Where did I leave my pants last night? (I could have sworn they were in the kitchen.) Normally I trade the ES - the mini-S&P 500 contract. But not today - the NQ is what I am looking at this morning. It has nothing to do with thinking that one has greater potential over the other â itâs a practical matter, as I spilled diet soda on my keyboard last Saturday, and the âEâ is sticking. A while back there was a thread talking about how many people read ET â imagine my surprise when Father Conners from Saint Anthonyâs called last night concerning the money I found next to the Holy Candles â so I am starting the week off flat (damn-it). More as the day progresses...
09:30 Coming in today, I am concerned about the upside potential in the NQ â I see overhead resistance at 1135, so that means that I will avoid going long unless and until that price area fails to hold. I donât like to pick targets, in essence saying itâs going there and no further, but thatâs the price I have stuck firmly in my head â I cannot and will not change my mind. 10:01 The high at this point is 1132 1/2 - so far I am right. Iâve made up my mind that the short side is where I want to be, and will wait it out. I donât feel good about it â but I just donât trust the long side of the market this morning. 10:30 I know Iâm right â but... The trend is my friend, and the trend is up â the TRIN is mildly bullish, and Iâm wavering. Obviously there is some disagreement/hesitation at this level â but... 11:10 Sold @ 1122 An impressive call on the high â but not enough conviction to sell it. 11:27 Covered @ 1122 Breakeven. Prices seemed headed in my direction, but the TRIN just would not cooperate â moved my stop to the entry, and it was hit. 11:35 I still remain bearish, but am troubled by the strength in the TRIN â itâs lunch time, and will now wait to see what develops later.