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Monthly Archives: March 2010
notes from the desk
Monday, March 8, 2010
“error -you were right but exit was poor — should have locked in profits with trailing stop”
“should have realized move was “over””
“don’t let profit turn into a loss”
“keep an eye on banks”
“if you clear support and resistance, watch out”
“set profit measuring moves” <– yes, why have I stopped using the Pring approach — I always [...]
No Trade
Sunday, March 7, 2010
Here’s what NO OPPORTUNITY looks like for a fade and I’ll tell you why!
Third candle, a doji, seemed to create a top much like pin bars often do. There was a slight turn down in momentum (second subgraph) but really I don’t feel like we had enough data points to determine a breach in momentum.
Stochastics [...]
Weight of evidence
Sunday, March 7, 2010
You can see the bounce at the 38.2% Fib. Traders obviously took profits there. I should too! One could re-enter the breach of 38.2% Fib and again just collect profits at the 50.0% Fib. You would need to be quick.
If I look at the 5″ chart there is a nice bearish engulfing tweezer top printed [...]
MAs Fibs Candlesticks
Sunday, March 7, 2010
MAs Fibs and Candlesticks will be basis for entry for contra move. I will use 5″ and 1″ tf for timing and all larger timeframes and company fundamentals for confirmation. That’s enough. I will tweak the entry part of my system.
I will continue to take momentum plays that look great (begin explosively) and exit using [...]
20100307
Sunday, March 7, 2010
Here’s what happened to me.
I thought KG was making a HUGE run up and I was eager to short it and make a fortune.
I thought the move was over.
On the 1″ chart below, I thought I saw a shooting star pattern with bearish confirmation. I thought criteria for a short entry were in.
WRONG!
I made a [...]
20100304
Thursday, March 4, 2010
“Some early advice I got – One of the first pieces of advice I got when I started trading on the floor was that you have to make only one good trade a day to make a living. If you can sit back and wait for that perfect setup and make 6 to 10 ticks [...]