Today is Thursday December 15th, 2011 and we did see a market reversal on cue from yesterdays call.

I stated yesterday that we would see a sell off early on down to the 1197 area and that would spark a nice rally. We saw that exactly, but the sell off came in the night session and we did rally significantly from that point, +22 S&P points right after. From there, we saw another sell off back down, but things leveled out and we stayed in a very narrow range for the rest of the session. I was looking for a regular session move to confirm the original early move to the number, but it did not come in time before the session ended, it may show up tomorrow?

In today’s trading session, I took roughly 5 trades and came out with a nice day in hand. I will have to admit I was reaching for today retest of the early numbers, that I called for and as mentioned it did not come in time. Still was sharp enough to close out some of the moves with profit locked in.

At the end of this week, I will be taking off from trading thru the Holiday’s and restarting in January, and was trying to beef up some gains today to make up for time off. I have enough confidence in the trading method that it would produce more if I kept at it and that would have been the case if we had some movement. Early on in the session we saw was some good moves and would have done well if I was there to trade it. Let me post the days trades and will continue below.

You can see the spike down early on in the chart as it hit the called area, within one S&P point. I was debating to call 1197 or 1198 yesterday and chose the lower number, but I will have to say that was a pretty good call overall, within one point.

To trade off of that would have been nice, but I was asleep as most us. I was looking for a retest in the regular session, but had to take profit on those 3 key area lows to lock it in as it was just taking it’s sweet time. I traded almost 4 hours today and that is way more than I have done in months.  I can only wait on the price action and take what it offers and that is what I did today. I don’t want to overly commit to a call or position that will cause me harm because things change and we need to be able to change with them or suffer.

I was not about to suffer today if I could help it and that calls for being conservative and not overly aggressive. I could take that aggressive stand more often and increase size at opportune times and come up with more, but have been content with the little I do, plugging away.  Maybe one day I will step it up.

There is plenty of time and find that I am still learning things about the market, as we all should be. No one arrives to a final destination as a trader. It is a constant evolution that continues its advance forward to more and greater insight. That is how it should be for everyone else as well.

Related posts:

1. Called Live, Short Term Top In Today’s market.
2. Called the Stock Market Bottom!
3. Market Rally Called Perfectly
4. S&P Market Moved as Called
5. Market Reversal – Just as called in Yesterdays Posting

Tags: day trader, market reversal, rally