Traded too soon (need to be more patient)
Got in in areas that were not significant (be patient)
I did good in noticing the weakness of the market and getting out. I could have waited for an entry at 10:02/10:07 EST but honestly I replayed just that section and I think I would have made 3 gifts just getting into that pivot!
I think it was a very choppy day for 5 ticks. Days like this are tough like yesterday but I can read days like this telling me to get out.
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The trick Friday, it seems to me, was fib placement. When price broke the day's low 6 minutes after the opening bell, the bottom fib became the last lower pivot at 821.9. It occurred on Thursday. The top fib became the last high pivot at 825.8. With that fib, price tapped 76 and then rose. 377 and 610 reversed nicely one bar before the mother load takeoff up. How sweet is that? I didn't catch it...but next time!
Yes, it was nice. However, I think it took off as much as it did BECAUSE it was a holiday. The 1597 did look good, but it was right under resistance, so I didn't think it was going to do a no-retrace day. I still wonder if the FED is involved because I notice when volume drops off the price goes up without retracements.
If the FED is smart, they would let the market drop when volume is high and when volume is at its weakest buy buy buy.
My wife traded that day and got knocked out by 1 tick and then got in again at the next breakout from the pullback. She was thinking short so it was hard to get around that. I know Horst got that long.....
Hmmm. This is good. Please explain how the FED influences TF (other than a FED news event day; there was no Fed news Friday).
Trick number 2 Friday was this, IMHO. The Asian markets were up that morning. The European markets were up that morning. So I was looking for a long, knowing that TF would likely go down first (to gather the herd). The market came down and then went sideways for 6-7 minutes. That lulled me into forgetting about looking for a long. Very clever. (The herd is still thinking short because the first 5 minutes were down.) Then up we go.
If you waited for 1597 and 987 to turn up, you still could have caught that huge wave. They turned up sharply with strong V's.