Dining On Fine China
The market is dining on
fine china this morning, as the Qs had a nice breakout of a 60-minute
cup and handle shortly after the open.
(
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Quote |
Chart |
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PowerRating)‘s overnight spark certainly
helped to propel the market into an immediate 13-minute uptrend, at which time
all eyes were on an early pullback to the critical 13-minute 15-MA base, which
indeed held.
Friday
August 24, 2001 12:10 AM EDT
(1)
Approx. Equivalent QQQ Price
Recently I’ve had some
discussions with traders who have been struggling. Part of the conversations
have echoed many that I’ve had over recent years dealing with accurately
understanding the life and struggles of a professional trader. I think
there are many misconceptions out there, specifically with respect to the
mythical notion that pros don’t ever struggle. We do, folks. Like
those who compete in the competitive sports world for a living, we have slumps,
misreads, mistimed entries, loss of focus, and on and on. Perhaps one of
the advantages one gains with experience is the acknowledgement that those
things are expected, happen, and IT’S OK, so
long as those times are in the minority in the long run.
Good trading and have a great weekend!
P.S. I’m pleased to announce that I’ll
be hosting a two-day
QQQ trading learning forum immediately following TM2001 at the Venetian
Hotel and Resort on October 7- 8, 2001. It seems like we’ve struck a pleasant
nerve with the Q column, and I look forward to sharing my thoughts and views in
a live forum highly conducive to learning and interaction, as well as simply
meeting many of you in person. So whether you trade the Qs or watermelon
seeds, consider extending your stay just a bit and we’ll combine some very
intensive trading discussions and some fun!
For
a more in-depth look at how Don trades the QQQs, click here.