Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Tuesday, April 6, 2010

Cool hand Luke

We were looking for the Gap and reverse this morning. I never know what the hell to say to people. They don't understand when you say "Looking for". and every time the market makes a 15 minute or 30 minute high. I need a 5 min retest before I want to play. We had a nice 5 min retest today, which failed. It coincided with the resolution of the Triangle, which was why I was .... Why I spent the day watching Ticks instead of working.


"Everybody" wanted to sell it off of the NFP, I put in some small positions. But as I "Dreamed of the market" last night, when I was trying to sleep. I also knew that "Many People" were looking for the resolution of that Triangle...

So about mid day... "The market didn't pay" and I hit eject. I wanted to get out and Work or do something besides ... watch ticks. But the Fast money 5 were all bullish, and it seemed to me like Just about everyone who was "Trading the Resolution of the Triangle" ... well it seemed like they were ready to puke their shorts, ..... and it seemed like one of those moments....

One of those moments traders get... "Where you have to do the Crazy thing"....

Where in my mind, the remaining Bears from last week, that I mentioned how "Everyone was Bearish"... Where the remaining Hold outs.... Were ready to Puke the shorts. and at least capitulate.
Doug Kass puked up some of his Naz shorts..... etc.... Except Doug did "Call top" for time number 143, and time 15 since last week.... Again, NO PERFECT SENTIMENT
but it seemed like maybe we could get a nice downswing out of it.

"and then We see" It feels like in the "Short Term" sentiment is on the Wain.

I have some kind of technicals to sell, and some sentiment.

I'm not ..... I'm still in "Lets see" mode. I'll read the blogs and get some idea overnight.

I did sell it, then Covered most of it..... Like I say... don't turn a winner into a loser.
I can play with losers on the daily chart, as Daily trades.

But I think I can hear them "Technicals broken" "oversold doesn't work" bla bla bla.....
This extra day of a high... feels like "Them not ready for it." But I want to hear it from them....

and there is always TOMORROW....

There is always the 5 minute Retest...

There is always... One more bar to see....



But it was a day that "Cool Hand Luke" was the play.... Keep your shit together. and call the plays as the game develops. and This just felt like a Very stupid place to "chase the market"

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