One can draw a broader Harold and the Purple Crayon? There isn't a clear Higher high.
129.20 was the level on the spy...... But I did sugjest that going "much higher than yesterday's level" was a possible break of the trend..
I'm just throwing out the technicals.....
Thursday, August 28, 2008
spy charts
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18 comments:
Hey, thanks :)
As long as I have *something*, anything going my way, I can live with that.
MOS and PLCE are behaving. I'm relaxed.
You know what I used to do.....
I know it's hard to lose money...
But... Take some pride in Not Panicing....
My biggest losses were when I panicked. we could still have another high in us...
but, the disciplined trader, doesn't panic. Feeding the "Panic" monster is probably worse than losing money.
Not panicking. Keeping everything in perspective, even if I sold and covered everything right now, it wouldn't kill me or hurt my trading (would have enough left to go on).
But I see no need to sell. Trying to condition myself to never sell on low volume.
I would take this as a serious warning.
I discounted a "Bottom" last thanksgiving "on low Volume"
I also Discounted a "Top" last Xmas, "on low volume"
Regardless of the volume, the law of supply and demand are still there..
As Traders we have to Assume that the law of supply and demand, and efficiency of markets is Valid.... Or we are waisting our time. So the moves may be exagerated... but there seem to be more buyers than sellers.... or at least the fight is even right now.
Right now 3 out of 5 shorts are turning red.
SPY I'm not worried about. 135 is the highest it can go (imo).
The xlf is no where near as bullish, as the market is.
There are always better exits, than the panic one.
Looking back at my mistakes, I think my worst entries and exits weren't on panic, but at the open.
Weird: QID down so little with QLD up so much.
The open is like a lotto ticket, and you have no idea what you get...
I've had some great "Sell"s on the open, as the brokers just throw a buy order into the open.
That's nice, but you gotta admit at the open you're throwing yourself at the mercy of ... someone. No control whatsoever.
There's some buying in SPY at this level.
I'm getting my intraday software on Sept 1 (free with 10 trades/month).
You don't get intraday charts?
No, I don't day-trade normally, just swings.
Now that I'm starting to neglect work and spend so much time with stocks I decided to do it.
Since it's free for me, it was more an issue of "do I want to spend the time doing it"? Stocks are taking over my days, but on the other hands, August really was pretty good (so far).
Did I hear surprise and disappointment? LOL
Suprise... I just... I don't know what I'd do if I couldn't obsess about the charts.
some of the financials just hit Euphoria.
Umn... quotetracker is free, that is what I use to post to the blog, cause it's fast
I installed it twice, but it doesn't work with my brokerage.
That's what I mean - it can really take over, which is fine if that's how you make a living. I'm still trying to run the business here :)
this will end....
"thank god" Back to less Butt crunching, and moves that don't make you want to vomit.
So what do we have? All R's have been broken? It's running free and clear?
We just hit the high from this week.
q's just hit the declining trend.
You can call it a "double top"
Seems like an obvious warning to get out of the shorts.... But still...
we have to retest the lows...
the q's seem like they may still have another upmove in them
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