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Chart updates. If Wednesday's low proves to be a pivot then would expect to
have a bigger time frame bullish tail wind. Then would want to selectively have
longer hold times for long position day trades. If I was trading today would be
watching for some retrace of yesterdays move.
On Wednesday 02-15-12 US Steel had the 8th consecutive day of lower lows. Got me to thinking how often this happens. In the last 20 years, 8 or more consecutive daily lower lows has happened just 16 times for a total of .318% of the time. Kind of rare. Can it help my trading? Well I don't swing trade so can't use it for that. Can't say it will really help the intraday trades either as I'll trade if the signal is there...if not, no trade...unless I goof of course.
The numbers are interesting nonetheless and the closer you get to whatever ideas you have, whatever knowledge you can extract, the ratios you can determine, the feel you can develop....it just might add up to an increase in your edge.
The third attachment shows the % change on the next day, 5 days later, and 30 days later following the 8 or more consecutive daily lower lows. Can't say if there is a pattern that is worthy of a swing trade.
edit: in attachment 2, total days should be labelled occurrences
hmmm.. got caught in the chop early for 2 small losses and 1 b/e. Basically did not wait for the move/trend to develop. Now that we're moving.... no good pullback for entry...so will have to be patient. Patience from the get-go might have got me an entry into this move.
Errors exceeded positives today.. -.22
The fix...tomorrow's singular goal/objective...no iffy trades.
My charts will produce at least one clear, for sure A+ set up each day.
Following poor trade selection its tougher to take full advantage of the good trade.
For one day..wait, wait, wait for it. Hey, if it doesn't come tomorrow
I'll wait till Thursday.
Posting charts is the easy part...but here they are anyway...
