Tag archive for ‘profit taking’
Miss Fire
Sometimes we are left with very few choices in the market.
Today was one of those days for me, and that’s why I designed my system so I could always come in and find a reasonable trade within a few minutes.
I was out until mid afternoon, then when I got into the office, did a little head [...]
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 [...]
Short Honeymoon?
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Barack Obama has just booked new accommodations for the next four years with his family, courtesy of the American public.
Speaking of new accomodations, did you see they are letting the fox guard the henhouse?
Anyways, it looks like it was a case of buy the rumor, sell the news as traders who bought pullbacks today were rudely treated.
In [...]
Bounce
Support was temporarily found during the last hour of trading yesterday. It was bounce mode from the first few bars in the regular hour session until natural resistance was met in the afternoon session.
The line of least resistance rotated after a substantial run and profit taking became appropriate.
One of the challenges of trading is “guestimating” [...]
Feeding ground
“Amity Island had everything. Clear skies. Gentle surf. Warm water. People flocked there every summer. It was the perfect feeding ground…”
At 11:30 I suggested to colleagues to take their short profits off before noon today. It could have gone to any day low, but I felt the weekly shorts should capture their profits early after such [...]
75 and bulls are still alive
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After the markets tested 75 at the open and held, it rallied to the psychology area. Profit taking ensued as the market pulled back to support in the afternoon.
Scalpers against the trend were finally right, but had to endure a number of stop outs first at a few logical areas.
Secret code traders had a big edge [...]
Spiral of Despair
Friday’s action put an exclamation point to the daily chart.
The market has bounced significantly off it’s winter lows, but the sell in May and go away traders took their profits as the market entered into the expected fib zone at the beginning of the week.
Day traders just need to get the intraday direction right, and [...]
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