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Todays Closing Action was difficult


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Todays Closing Action was difficult

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  #1 (permalink)
Florida
 
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Today I found the last hour or so difficult to trade. When the S&P was testing the 2089 area and it failed to go down, after that I thought it was either going to retrace further to a fibo level of 50% to about 2085.75, and the either go back up or continue to the 62% level, which it did. Those where good sim trades for me, but then I thought, the market is going to either continue lower to the 2081 pivot support or go back up. I am only sim trading by the way.

Well, at first it seemed to building a support area at the 62% retracement, so I covered, then it seemed to be rolling over again, this was at 15:56 time. That bar seemed to indicate a bearish rollover, I felt confident so I sold there, but suddenly the market just said nope, I'm going up again, and it made a small rally to the last area between 2086 and 2087.50. If you check the bar at 15:56 and the one following this one you will notice. I found that to be odd and very difficult, I went from a small profit to a bigger loss. Anyone else found this difficult? What could I do to prevent this, what are the signs the market will not go with a rollover and move on the opposite direction? The change in momentum seemed to happen very fast, in a matter of seconds the price went from 2084 to about 2086.

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  #3 (permalink)
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marketvoyager View Post
Today I found the last hour or so difficult to trade. When the S&P was testing the 2089 area and it failed to go down, after that I thought it was either going to retrace further to a fibo level of 50% to about 2085.75, and the either go back up or continue to the 62% level, which it did. Those where good sim trades for me, but then I thought, the market is going to either continue lower to the 2081 pivot support or go back up. I am only sim trading by the way.

Well, at first it seemed to building a support area at the 62% retracement, so I covered, then it seemed to be rolling over again, this was at 15:56 time. That bar seemed to indicate a bearish rollover, I felt confident so I sold there, but suddenly the market just said nope, I'm going up again, and it made a small rally to the last area between 2086 and 2087.50. If you check the bar at 15:56 and the one following this one you will notice. I found that to be odd and very difficult, I went from a small profit to a bigger loss. Anyone else found this difficult? What could I do to prevent this, what are the signs the market will not go with a rollover and move on the opposite direction? The change in momentum seemed to happen very fast, in a matter of seconds the price went from 2084 to about 2086.

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August 4, 2015


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