support and resistance
Amylin Pharmaceuticals, Inc. (AMLN)
Tried to short AMLN but support in the 17.55 area held. I didn’t even know there was support there. Do I sound clueless or what?
Had I looked at the 30″ chart I would have seen it, or even the daily for that matter.
Price was perfectly supported but I was trying [...]
We have here a chart of PCX. I was able to short today’s move up but only after two failures. I didn’t expect it to go to 16.50 today because I wasn’t even looking left at the history! 16.50 was ‘psych’ level and also key resistance and prices met that with the morning rally.
I tried [...]
You need to figure out if you think we’re going to have a trend day.
If it looks like we will, pace the contra moves slowly.
Also, ANALYZE THE DAY BEFORE DATA more vigorously. Today in PCX, I was trying to position contra in the morning and getting decimated. Had I just looked at what happened the [...]
I think I’ve lost a lot of money playing bald marubozu. That’s because I am always imagining the three black crows pattern will develop. I just read now that the crows pattern is rare. I see now why most of the public loses their money doing what I am attempting.
Here’s an example of my poor [...]
This was really poor timing. I entered without even looking at the 1-minute for good timing.
The perfect setup was yesterday. Today the bears were in charge so there weren’t a lot of upward spikes to short and who would want to go long today on the bearish spikes down.
Today I should have passed on every [...]
Discipline Confidence relationship. Do not see discipline in a bubble. There is a confidence factor. The more confidence you have the easier discipline will be. If you have no confidence, discipline will be 100% hard. How do you get confidence. Get confident by trading your method on paper for a [...]
I’m reading so many blogs and horror stories about trading and how long it takes to become consistently profitable that I don’t know who to believe.
What speaks to me this morning is this: 1) if you have been papertrading your system for weeks and have a positive expectancy then there’s really no reason you shouldn’t [...]
the books should say this:
before reading all this technical analysis, fundamental analysis, money management, etc.
develop a system that works before trading with real money.
if you do not have a winning system, what’s the point of money management? what’s the point of technical analysis.
they should tie it together: “Use your analysis to develop a winning system [...]
Last week I finally started using basic expectancy formula. I found that at the end of each session my system had a positive expectancy.
During one session I experienced nine (9) consecutive drawdowns and still made money with the next three trades.
Each day during the week I watched the Major Averages harder.
I learned that the reason [...]