Not much of a profit, I went in too early at 2467, that's the problem of entering only at close. I may start a journal with one ES lot, hopefully I wont blow out the account again!! For the song, It is great music (it reminds me a little of enigma, deeper and better) but I don't understand the lyrics or what it is about (the title says something, but...).
But the point is that you made profit... Yer not supposed to understand the lyrics. Yer supposed to listen to the music while ruminating on why you made profit, instead of losing it. Not on why you did not make more profit, but how you saved yourself from taking a loss by getting out "too early". Eventually you will get it. Keep listening!
I have been battling with that for almost 20 years, I don't know if I will ever get it. I bang my head why I did not make enough profit, then I run to make it back, I change times frames, overtrade, etc... until I blow it up. I definitely don't have the personality for discretionary trading; I know I read the market very well, but psychology is not there and that's more important than anything else. The only thing that may save me is automated trading and that's what I am trying to do at last. Thanks for stopping by.
I reckon most' human discretionary traders have this same problem. (And I am one of them, but am getting better at it.) You are not alone. Perhaps get a cat?
LOL. I am probably like that cat. Very few traders are honest, you seem to be one of them. Good luck man.
Well, we got a lot more than 20 points on the upside. The market opened higher as expected and drifted lower as expected, then went up to attract more buyers as unexpected! At the close it provided a very good shorting opportunity; this should not go beyond 2585 and can get you 30-40 points IMHO. Tomorrow, the market should open lower and go lower to break the support at 2546 which will turn the short tern trend down, so far it still up, you should trade having that in mind; after breaking the support it will probably recover a little. If it opens close to where it closed, then expect the repeat of today. Note: finally we reached our first target, in of my first posts I was looking for 2578, then revised it a little, not a big difference anyways. Where do we go from here: as I said previously, we should start going down, how far it will depend on the action of this end of week. I think we will get close to 2446 and we come back up to reach at least 2650. It will depend on how we get down to 2446, it may go visit the lows at 2346 before going up (curious how all these supports line up 2346, 2446 and 2546!!). We will see.
Obviously I got it a little mixed up here in the numbers. Yahoo data is not very reliable, it gave me the high of the weekly bar at 2585, now it is showing 2601. That's the resistance that should hold. So a shorting opportunity is here with stop above 2601. for many point down in my opinion.
%% IBD data, almost always right shows weekly hi for SPY$258.91, same number daily, weekly.[1-[10-2019, lunch]Easy to hit $260,weekly, Ray Dallo said ''we saw a shift'' .SPY + QQQ still below 5o,200dma,but looks like QQQ is going up, again weekly,strong seasonals.NOT a prediction. SDOW is still above 50 day +200 moving average as of lunch, =bear move, bear market, for SDOW, which may not be liquid enough to daytrade.