improvise

Good to have a plan, better to be able to improvise

If 46 (which looks weak) does not hold, then 39-40 would be 100% retracement and good support.


P&F chart shows the same.


6m chart


SPX has lots of air with lots of room to fall.


EDZ will make good short in good time.


Don't get caught without any undies.

wake-up is NSFW

In reviewing my trades, here is a wake-up call.
With all the hype in AAPL, look at where it ended up.



The two charts look to be almost opposite of each other.
Keep an eye on it. EDZ may become good short if market turns.



I got knifed trying to catch CLF.



CLF closed 1 penny above my exit. Regardless, I had already sold near 48.

@TA_Trader #CLF 48.48 on the close and does not go and stay above it on the next day open in the first hour.

Lastly, a present for my wife.

new

These beauties have gotten my new attention.





There stocks have gotten my new attention.







Careful on EXM because of dropping BDI.
It was added to Russell 3000.


Keep an eye on Russell Index Reconstitution

Lastly, cannot end without EDZ (30m). See the gap?

sucker

Rosie Huntington-Whiteley is Megan Fox's replacement for Transformer 3.

Don't get suckered by the market. Always have a hedge.

ready

Look at this. One feline is ready and the other not.



I have been bearish and ready to pick up some stocks for cheap.

As you may already know, I have been buying for the 401k on every major decline.

Even Jim Rogers is looking at buying BP. Bankruptcy is a concern.

Remember, resistance becomes support and vice versa.

4 ways to trade the gold market right now

After yesterday's high in the gold market Adam made a new video spotlighting 4 different ways to profit from gold.

amnesia

Sometimes it's just better to have your hands in your pocket and face the wall.





My hypothesis is all good stocks fill the gap.

My problem is I have amnesia and forget about them.





For two years, I prepared tax return for the same client who is a trader.

He tells me he only follow and trade about 20 stocks.
He get to know the stocks as if they were his children
and to understand their every moves.

Personally, I have not done this.
And I would not be talking about him if he weren't successful.

Food for thoughts.

ideas

Does this give you any ideas? The bright background was bad.

Ideas are good only if properly executed.
I tweeted that I would buy EDZ under 49 and ended up with itch finger.



Still would have been a good execution if it was a day trade, but it wasn't.



Support is now at 47. Thinking it's going to break.



So much for the idea about blogging once a week.

I will post links to charts and ideas in the comment section as I find them.

Some are mine and some are from what I find.

2Guess

Guess who this is a picture of?

Are you sure? Do you want a 2nd guess?

Some times, I 2nd guess myself.
I do this when I am unsure whether to day trade or swing trade.
I do this when my entry was not ideal.
I do this when my risk is too great.
I do this when the market is this crazy.

Let's evaluate CLF trade.
The order was filled in premarket at 48.50 after I had stepped away.
My entry was not perfect and I had wanted a perfect entry.
After seeing the volatility in the first hour, I decided to protect profit.
The initial thought was to swing trade which turned to day trade.
I 2nd guess myself on this trade.



After looking at the chart, can you guess what my next action will be?

Here's one thing I might not be 2nd guessing - Oxymoron
Going forward, I will post once a week.
I do this to keep our my thoughts organized in the comment section of the post.
Hopefully, you find or will find those comments useful.

guilty

Guilty of shorting top


Guilty of buying bottom


On my twitter stream, theback9 stated - weak stocks were not always weak, they were once strong. I feel that is very true because there has to be a starting point. You are not always going to find the exact starting point, but you can always limit your risk.

I love quoting Newton's law and here are two being quoted repeatedly.

I. Every object in a state of uniform motion tends to remain in that state of motion unless an external force is applied to it.

III. For every action there is an equal and opposite reaction.

After reading A Trader's Guide to Courage, I feel guilty for not be more passionate about writing because it's one of my many weaknesses.

Don't for a minute think that I am or anyone else is innocent.