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Catching Big Waves - a trader's journal of surfing the the markets
I love how you picked that bottom out on the open, i think my direction played out better though. Even if there was a bit more of a retracment :-P
I never trade sunday night open, i always watch but never trade. I know you seem to trade sunday nighs alot, how has that played out over time?
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
I am in turbulence. Uncomfortable. No amount of success seems satisfying. It is not just in trading. The experience of starting over is a weird one at times.
I spoke with a client today. He was stressed about his business burning at $1m a year. New start up. I started telling him my thoughts on money versus living. He knew the risk going in, planned for it even. Just relax and do your job, it is the best thing you can do.
Sitting at the bar off the 9th hole at Palamino disc golf with a good friend. We both got nailed in real estate. Both wake up nauseous some days. Did not realize it about him until today. This journal helped me to ask him.
Ticking away the moments that make up a dull day
You fritter and waste the hours in an offhand way.
Kicking around on a piece of ground in your home town
Waiting for someone or something to show you the way.
Tired of lying in the sunshine staying home to watch the rain.
You are young and life is long and there is time to kill today.
And then one day you find ten years have got behind you.
No one told you when to run, you missed the starting gun.
So you run and you run to catch up with the sun but it's sinking
Racing around to come up behind you again.
The sun is the same in a relative way but you're older,
Shorter of breath and one day closer to death.
Every year is getting shorter never seem to find the time.
Plans that either come to naught or half a page of scribbled lines
Hanging on in quiet desperation is the English way
The time is gone, the song is over,
Thought I'd something more to say
Wow. I read that once, kind of skimmed though it. Then it seemed familiar, read it again, paying more attention the second time. "Floyd". Then I got it. Third time, I read it as if with the music, and realized I never knew the words, really.
But it shows you are picking up something in the undercurrent.
I thought of trading today in a way that was foreign to me. It may not make sense here as to why it seemed so strange.
I looked at a chart and di not think of a setup, or an indicator, or any news, or distance between two points, or risk versus reward... I thought, I would bet it is going here instead of there. But from a different place, almost like, intuition? I did not take the trade, it is higher timeframe.
I sat with a friend this afternoon, explained who was probably in the market, who was getting out into the pit close, took a long trade, and we sat and fretted together about how far it might go before 2:30pm. I got out around the break of the prior high, said I was done. He wanted to still trade so I switched to sim. He could not even take the trade. Funny how real it becomes.
And another new experience today. I was actually initially short going into the close. Got stopped out, then, went long. My friend said, what are you doing?
Well, if it isn't going down, those shorts need to get out. To flip sides so fast...
Wednesday, Sept. 12: German constitutional court ruling. On what will be a nerve-wracking day for euro traders, the highest court in the euro zone’s most important creditor country is due to rule on the constitutionality of the zone’s two bailout vehicles, the temporary European Financial Stability Facility and the permanent European Stability Mechanism. If the constitutional court were to render the EFSF/ESM illegal, it would introduce chaos into the central infrastructure around which the monetary union’s 17 member nations have built their debt crisis resolution strategy. Even if the court granted approval but conditioned it on the German parliament overseeing the funds’ activities, this could add unwanted uncertainty to the process. Mr. Draghi’s plans to buy Italian and Spanish bonds would suffer, because he insists that countries must first seek financing through these bodies before the ECB buys their bonds.
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Wednesday, Sept. 12: Dutch elections. A victory for the Dutch Socialist Party, which was until recently leading the polls, would upend a German-led coalition of euro-zone countries that favor fiscal austerity as a solution to the region’s troubles. It would add more political uncertainty to the euro crisis.
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Wednesday, Sept. 12: European bank regulations proposal. On this jam-packed day, the European Commission will release its proposal for bank regulatory reform in which it is expected to push for sweeping oversight of euro-zone banks by the ECB. The problem again is Germany, which wants to retain oversight of its small lenders. Yet another source of intra-euro-zone tension.
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Thursday, Sept. 13: FOMC’s two-day meeting concludes. Will the Fed launch a third round of “quantitative easing” or not? Fed Chairman Ben Bernanke suggested last week that he would back another round of “QE” bond-buying. But other committee members, including potential swing voter Atlanta Fed President Dennis Lockhart, seem lukewarm to the idea. There could be a disappointment selloff in both stocks and risky currencies if the Fed holds pat,
