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Initiated dollar long with BE stop. I am kicking myself for not initiating shorts overnight, especially when I placed orders and canceled. I believe selling is not done yet but can't initiate shorts at bottom... Maybe this time different, we will see.
It took freaking 44 days to reach my target but unfortunately, I am not in this last leg. I am glad I took multiple profits in the mean time so, am I just got lucky or finally getting hold of this swing trading?
Lost 12 points on TF trying to find bottom. It's close, after-all TF might reach 1360 or IWM (136) as I was telling all month. That 136 on IWM coincides with 200 SMA.
I didn't dare to take long on Friday as I thought it's too risky to carry positions over the weekend especially when price is hovering at 200 SMA and geo political scenario is not good. More over I was very busy with some other things.
Today is a good day some 32 TF points combined with TF and YM shorts since yesterday.
One thing I realized is not matter how patient I am, my entries are early and sometimes market turns on me up to my puke level but my direction is proving to be right. I am kind of doing top down approach
1. Look for weekly chart and anticipate the trade
2. Look for daily chart
3. Look of 4 hr chart and decide which way I want to go
4. Enter at extremes i.e HVA for shorts and LVA for longs
5. Most importantly be patient and be prepared to add if needed.
Edit: No trades, but I feel market is heavy and ready to go into full BEAR mode (of course, I have been thinking like this for ever and bulls are like oh really! and they BTFD).
As expected OIL bounced at 50 SMA, I wanted to see how this holds so didn't take any trade and IWM is again at 200 SMA, maybe this time it will visit that 134 area.
It didn't reach my level to initiate long but it bounced near last week low and 50 SMA on weekly (I know know...). Now, it is kind of looking like bear flag on daily chart so key levels would be breaking of that 50 SMA and last week's low.
Beauty here but didn't added it here as I wanted more confirmation, in my defense when Yellen and co are speaking it's very hard to take short positions.
LOL, this is the trillionth time, market is resilient and I keep fighting just to top tick it and to see the reversal. Why why, instead of keeping quite and following the plan why I go with exotic/stupid strategies. Anyway, I am still short the market with TF and ES. I have 100 points in mind so will leave it there (hmm...I might come out with 10 points profits or BE as my mind is pretty much tired of fighting).
Still bearish but now with manageable size...at one point had 8 contracts short on TF and ES (I know that's stupidity, but who knows suddenly crazy people started buying all 2000 components of Russel relentlessly for 3 days changing characteristics of this index).
KEY is EMOTIONS and EMOTIONS can be controlled by SIZE but NO size NO GAINS, we will be in this circle forever and ever ever
but unfortunately, I am not in this last leg. I am glad I took multiple profits in the mean time so, am I just got lucky or finally getting hold of this swing trading?
(I know that's stupidity, but who knows suddenly crazy people started buying all 2000 components of Russel relentlessly for 3 days changing characteristics of this index).