Heading into the afternoon...
So, what do I know? What do I see?
There has been one hell of an impulse move over the past few days â thatâs a fact. The trend is up ( for my purposes ) â thatâs a fact. But momentum is waning â big time. The TRIN is bearish, and volume is down from recent sessions. A âcorrectionâ from the strong up move is reasonable, and to be expected. So my overall, near-term bias is bearish.
How it played out...
First of all, I took a nap â I was tired.
Then I saw daniel mâs post. Heâs a good guy â I like him. He has put some time and effort into posting in this journal. So I put some time and effort into answering it. To be honest, this âjournalâ is intended to help me, but itâs also intended to entertain and amuse you. Have I been open and frank along the way? Yes. But I have also stretched a point or two in order to spice it up. This morning I told you the gospel truth â I felt out of step with the market, with the world â I donât know why, I just did.
I am very flattered when you guys read this stuff. I am even more flattered when you take the time to respond. As a trader, as a human being, I have more problems and hang-ups than you can shake a stick at. Help is always welcome â even if it hurts, and sometimes it does.
Your advice, your tips, and good council are all taken into consideration â sometimes even applied. But Iâll be damned if I am going to take trades that I am uncomfortable with just to please the audience.
With that said, letâs see what the rest of the afternoon brings.
(not much I fear, as prices are currently bouncing off of sixty-minute support â itâs around 2:00PM as I am writing this)
2:44 Sld @ 859
I donât know if it was the Heat in my Pants, or a breeze up my Skirt, but I took the trade anyway. At one point it was 4 ticks in my favor, but when it came back to the entry, I bailed. So it was a scratch. Had I not intervened, it would have been a one point loss.
As we approach three oâclock, the sixty-minute support still holds. I suspect that it will continue to do so, and the good for nuttinâ $#&@! Europeans will have all the fun over night â dirty rackafratzz. (pardon my language)
As we all know, I will still from time to time blowup, but for the most part, I am usually rather conservative in my trading.(OK, sometimes too conservative â bordering on trading like a scared rabbit), but as a rule, if I am going to walk away at the end of the day with 2 points, I would rather do it with one trade than 5, or 10, or(God forbid)20!
Itâs 3:15 now â I think that Iâll call it a day.
For the afternoon: 1 RT / Scratch
For the day: 2RT / 1 Winner â 1 Scratch
+2 Points