I am finding myself mixed tonight. From the 120m, the mood is bulllish, and a break above 94.75 should blow some stops, but higher resistance is lurking just above in the 95-95.20 area. There was a lot of overlapping motion towards the end of last week, maybe Thursday? Right now I am curious about 93.60-93.90.
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Price reacted to multiples of a prior wave, shown in red arrows
Mike I completely respect your opinion. That said, I say money doesn't buy happiness, but it's damn hard to be happy without any money either. Unless you are so tribal person that has never been exposed to money. Money for me just buys potential freedom, nothing more. You are right though when I made the most in sales I was still bitching about job and stuff.
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I get an email newsletter from Trader Psyches. This one today I connected with, underlined a couple thoughts;
Okay here it is August 13th and the market is revving its engine but not going anywhere. We seem to be stuck at the top of the range.
So what can one do if they want to be trading?
Respond to the market in the same speed and rhythm that it is trading. This is not the time to think that some "set-up" will work exactly the way it would say in the middle of February. Markets have seasons too.
See if you can FEEL the rhythm. It's the rhythm of summer - with major participants not doing much, the election distracting many people and Europe being the same ole, same old.
Don't try to squeeze an answer out of the price action or a trade out of nothing.
If it is hard to be patient, write down all of the reasons that you don't like waiting. This will allow you to express that feeling without having to lose money!! In fact this trick works for every feeling. If you put it into words and particularly if you allow yourself to viscerally experience the feeling, it's both a risk management and strategy tool.
~Risk management in that articulating impatience saves on boredom trades and verbalizing teaches you more about this all-important but illusive data set of feelings. In the end, you might know when you are feeling valid unconscious pattern recognition.
With the plethora of research on the validity of unconscious thought, knowing the difference between "learned instinct" and impulse is all the more of an edge!
What a great day. Trading was easy, fell right into an expectation. Those are the best trades.
Working in Denver makes for a weird time schedule, I start with EST phone calls at 4am Denver time, work the east coast until 9am EST, trade for a few hours, then off to work at 10am Denver... I have gotten no more than 4-6 hours sleep per night since I got here, combination of thin air and time shift, plus hectic schedule... But in this instance not feeling bad about it. I have been working out, drinking gallons of water (very dry compared to Florida), played disc golf with a new friend tonight at 7pm Denver... And still working now at 11:31pm EST.
I have made money trading every day in Colorado. For me, having my monitors makes it feel the same, and trading continues to be more of a feeling than a setup.
It is not what I would have thought, buying sell signals, selling buy signals... but what happens, is the indicators, the patterns, start to take a personality, and ignoring what the indicators say to some degree, the bigger picture is that price is doing "this". I sold CL this morning, so convincing... but then bought as it fought to go lower, just for maybe 15-20 ticks, something like that, but I felt I understood why it was doing what it was doing. Shorts did not want to give up what they had, and the longer it took, the more times it tested the low and got weaker, the more obvious it was that it would run up.
The shift I am seeing in myself, possibly from the outside seeming as if I am going off the deep end, is a very deep thing. And while tonight that is the best description I have, or care to have even, what comes with it is the fear of the future is melting away.