Trend/Osc is still in bull mode.
Broke discipline and shorted ES today, will probably dump that tonight sometime. Trade was pure speculation and not based on anything other than close to done on 5 waves up and overbought on some standard market measures such as RSI, etc. Still PO'd about TOS situation yesterday, that shaded my thinking today, guess I'm not a rock after all. We are probably due for at least a retrace, but I have rules on if, when and how to play that which weren't considered today.
Apple Al, are you taking the day off?
ReplyDeleteAnyway, I put on my (non-disciplined/early entry) speculation shorts this morning due to (1) somewhat overbought/possible wave 5 of 3, (2) fake prints in the 1053 area, (3) and a potential (more like lottery) that maybe now would be a great time to surprise on the Hindenburg Omen since many bears like TK have lightened up. Ha! Yeah, okay, maybe not much credibility on that last one, but it sure would be a great time to screw most bulls and bears alike.
Oh, and didn't get the best entry on my shorts. If we retest the highs or extend beyond that, then I'll get pretty nervous--which definitely would suck if I had to cover in the settled funds account and stuck waiting again.
ReplyDeleteOh, for the settled funds account, I was thinking maybe I could talk to my broker's branch manager and see if he would allow me to open a new account and transfer my funds in order to get around the system. Ha! This way, he's technically not in trouble for lifting my settled funds ban and would allow me to trade freely again now that I've figured out what I am doing. Wonder if he'd be open to that.
No, not taking the day off, just busy with day job. I'd say a short here has a fair chance, but after my break of discipline yesterday I'm back on track and won't short unless sell signal from Trend/Osc. Meanwhile, Trend/Osc is in bull mode and I will actually consider going long if 30 minute V Stoch bottoms below 20. I hesitate to short on Fridays due to "ramp up Monday" effect.
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