Most shorts covered on the gap fill, they lost their position and are now forced to chase.
Posted 09 September 2018 - 09:32 AM
This might morph into a full blown sell, internals dropped and volume was higher, TICK closed only slightly low, more room to drop.
I would like to see a gap up that reverses and never looks back.
Edited by CLK, 09 September 2018 - 09:34 AM.
Posted 10 September 2018 - 11:49 AM
Just got a volume failure on this rally, hourly down still confirmed. Still short.
Posted 11 September 2018 - 01:37 PM
Took my loss on 1/2 position. Don't know why I never stop and reverse, I might try that next time.
I really don't have much interest in the long side way up here in the bearish season, call it wall of worry whatever, I
Edited by CLK, 11 September 2018 - 01:37 PM.
Posted 15 September 2018 - 06:03 PM
Getting rid of all bias for awhile and going purely mechanical. Sentiment has it's place, if you can read it right.
Volume signals are good but have to reverse quickly because of a rare miss, cost me 80 points a couple months
ago because I was forced to chase and didn't want to. The goal is not to see how many points I can scalp, but to not lose.
There are hundreds of buy points in the market, I am only interested in the ones that have high odds of no whipsaw
and likely follow through.
Posted 16 September 2018 - 09:36 AM
In other words, you can see a "good" spot and get it right for 5 points but then have no clue where it's going from there,
so what good has that really done you other than creating false hopes, account churn, fees.
You can really mess up an account quick trying those type of trades all over the place as you will get stopped too.
Taking a longer time frame of 2 weeks allows time for consolidations to prove that's what they really were instead of
trying multiple reversals of position hoping to finally catch the real trend, again account will suffer. The more you
trade the more chances of getting it wrong and losing.