Where is Santa? Today’s action looked like the Grinch sliding backwards down the hill to Whoville.
The early shorts were intimidated by the first hour bounce into expected resistance. That clears the way for the Boyz to then catch the late longs buying the pullbacks.
Been there, done that.
Speaking of slippery slopes, check out trading pro Don Miller, an outstanding role model for all of us. The slope of his equity growth is phenomenal. He is not only a talented and gifted pro, but also humble as well. Congrats on a great year, Don.
I find that my best trades come from being patient, and taking the trades especially when I don’t want to because of my emotions.
The most important thing I have leaned to do is take stops when I am wrong, and let the winners run until the trailing stop gets hit.
If you have a system with a road map like the secret code of the Illiminati, it makes it easier to see the potential peaks and valleys ahead of time. It tells you where the sleigh ride begins and when its time to walk back up the hill.
Option’s expiration normally gives us many opportunities to hit the reverse button and make money in both directions. Being a technical trader, I rarely listen to news, and almost never have the TV on during market hours.
We have a special name for today’s trade, and it played out perfectly. The psychology is to generate stop outs from normal areas and then reverse to get the other side.
Wrong way Charlie is alive but not for long. Then its time to fleece a new crop of Charlies.
Happy Holidays to all if you are heading out for vacation.