This post is from Fridays session where we did see a pretty close prediction of what I had called for the early and later part of the session.
I said that we would likely move down to the 1080 ( a move of about 16 points of which we saw 13) area and from memory I think we hit the 1083 S&P low where we bounced up and found the next move as a surprise to the upside. That was the call and it was pretty close. All of that happened which leaves us for the next market move. I do see 1115 in the early portion of the morning session. It could come in the night trading but suspect there will be a move to this area after the open of Monday mornings session. Current closing price of the S&P on Friday was 1100. That is likely only the start of more to come on the upside, but just my opinion not investment advise.
On Fridays trading, even though the turning points were very clear, if you don’t trade them right, or during the right time of day, one can’t expect to come out on top. I had woke up with bad back pain, something I live with now and then and I know it effected my judgment in Fridays session. The worst part was, that I started trading during the long slow New York lunch time of which lasted a long time. No significant movement as I note in the video. All the rest of the day was very good. I was set up in my mind looking for bigger moves which did not come. The market just went no where. I had one of those days where I saw my daily stop out point for the day looking at me, and just hung it up.
I could have tried to trade my way out, in the afternoon session of which were some very nice and predicable moves, but knew that I should not attempt it. I was in pain, and that can not and was good for my judgment. A daily loss limit of -4 S&P points is the maximum I will give up in one session. It happens, but not very often. It has been a long time since I had one of these, but like I said, I am human and still need to use good judgment when it comes to the time of day to trade and when not to trade if you are not feeling 100%.
That’s it for now, tomorrow will and should be a better day. Until then, Good Trading !
Related posts:
Please log into the site.