Swine get slaughtered
The market is more than happy to have us as participants.
The Boyz understand that the Bulls and Bears are going to do battle; but they especially love us if we are swine.
In the day to day battle of five minute charts, we need to step back and look at the bigger picture.
Wasn’t it just yesterday that we were flirting with 1600?
Where does the time go…
A low of 665 and change, within an 18 month time frame is deserving of profit taking, wouldn’t you think?
Ranting and raving about how bad the economy is, or isn’t, misses the point.
Let the economists analyze and pontificate; we want to make money, and we do that every day by finding toe holds long or short and catching the swings as best we can.
Day trading is as simple as that.
If you correctly timed the top and played the short side, fantastic.
Ditto, if you guessed the bottom.
In between, there were many short term opportunities to play both ways, depending on our style.
On Friday, We took the high odds half gap short play, and looked for the gap. “Off by 10 most” was called,as an important pivot lay in that area. Traders who kept shorting never did get the gap. Look at my posts, you will see my timing call.
I also suggested that as we approached the Demon at 25.5 longs should start to show a little respect for the Double top coming. A guru called for 38 target, and I am thinking why not worry about 28 first?
The final short side trade couldn’t penetrate the 20 for the 18 pivot, so it was time to end the day on a winner.
Step by step, that’s the way I think. End of day Friday, aren’t traders going to capture weekly profits? A substantial portion of traders did that Thursday, admittedly. Still, many conservative traders prefer the sidelines over the weekend.
Real time calls were again posted on twitter, and that is about three weeks now of free trades to show anyone interested tape reading according to our system.
No guarantees, no hype, no promises you can do the same.
Just one trader to another sharing a few of the things I have learned.
I hope you have enjoyed it, drop me a line if you have any interest in finding out some more.
Some interesting and skilled traders I have bumped into, and I have enjoyed learning from all of you.
Again, thanks to the followers who have chosen to DM me and thanked me for my posts.
Have a nice weekend all.
A rare look at my eminiwizard selection process.