If you click to see the whole graphic you will see the short of U.S.Steel (X) was uncorrelated in INDU. I’m starting to realize that my technical analysis of INDU should come first and be more thorough than the candidate issue.
This is doing technical analysis of the market in general and to do otherwise is [...]
“light volume for months; day will be determined by dollar and housing data; certain data wash each other out. if housing market is stabilizing may get an uptrend today. many professional traders have locked in their profits for the year” – CNBC commentator.
do the Pring CD every day.
small position sizes, patience, prompt entry, don’t make [...]
Here’s a game for us to play. I have ten fingers, when I burn all ten I will stop touching the hot stove. Today I burned the fourth finger of my left hand. Do you think I can learn my lessons before burning all ten fingers? Follow this blog and find out!
I cannot get it [...]
What a disaster. The open provided temporary support off which price springboarded and left my short in the dust. This is simply another case of shorting support. There’s so much to remember: major S/R, pivot points, “psych” levels, etc. I really do need to have a checklist. Truth be told, the bounce against me (bullish [...]
I learned yesterday that Credit Suisse made positive comments about credit cards after the GAO (U.S. Government Accountability Office) said something good about credit cards. I took a look at Mastercard (MA) and noticed it was bucking the down day. This time I got correlation from Visa (V). Here is MA. Alas, a textbook up [...]
Today was one of the most perfect trading days ever.
I believe I actually just stalked and waited until the 10:30 EIA report was over to see what the reaction was.
I shorted a rail stock (can’t even remember which one) but this time I used INDU and DTX and TRIN-NYSE for correlations. That was perfect.
Oh yes, [...]
I get the feeling that Monday there is a special risk. The last two Mondays I wasn’t a good risk manager. It may have something to do with the fact that Friday’s I have been doing well and am over-confident. Add to this the fact that I miss two days of trading (the weekend) and [...]
Mastercard gave up some of its recent gains Monday which surprised me as I was trying to go long at support several times. If I would have had a Visa (V) chart up then I would have at least seen a correlation to another major credit card which didn’t participate in the overall rally.
My participation [...]
This is a chart of JCP 11/12/2009. Bought the candle at A, sold the candle at B. Sold short the candle at C, covered the candle at D. Good news has been coming out on retailers. The candle at A created a strong marubozu and once it created a new HOD there was reason enough [...]
Today was a good day and I made up for much of the loss during the week. What the market reinforced to me today was the importance of the fundamental catalyst. I also scaled in and out of a short which worked pretty nicely. I guess that it isn’t always true that you should wait [...]