Searching for Support
The continuation day played out nicely today. We can never be sure of it, but that is the normal scheme of things.
Several key thoughts come to mind, and if you followed my calls on Twitter you should have had no problem observing the battle in my mind for:
- My preference for the short side trend trades
- The difficulty in getting in at the open if you weren’t already in
- The logical, sequential targets
- The importance of the 82.5 pivot
- Knowing not to over trade
- The “presumed support” already established in my mind where I am looking to be off the shorts and reversing
- The weekly support considered to define our risk before lower targets like the 73 some traders called
- The need to have timing right before we adopt the EOD long side bounce
- Utilizing the 3 pm players to give us better odds for the push back
- The Angel in place and knowing our first areas of resistance for partial profits, all if conservative
- The use of multiple charts appropriate to pace
- The acceptance of the 875/925 logic
- The willingness to acknowledge that any day low was possible, but the odds changed as we approached 75
It really is more about common sense, and observing the markets to help us with decisions. It is not about me being smarter than you; I probably am not. I am older, more experienced than some, and I still get it wrong often.
Hope the postings helped you improve your game.
Long weekend coming; if weather is good the Boyz will be gone early so be nimble and set up your tee times.
If the weather is bad, they”ll still be gone early and meeting at the 19th hole.
Have a nice weekend all if you are already on Holiday.
P.S. Someone Im’ed me asking why I wanted to be flat at the close.
“Look at the time of my first post, before 6 am”. EarlyBirds catch the best entry and then time to have a life after hours, wouldn’t you agree?”