My End-Of-Year Recommendations
The major index markets are in
the green this morning and are holding 13 and 60-minute uptrends as we approach
midday. Trade is light as expected,
resulting in occasional air pocket moves off one- and three-minute support tests
and breaks. Traders who used the three-minute microscope turn-down at about 11:10
a.m. ET to initiate long stops or new shorts should be aware of the 13-minute
support which will likely serve as initial resistance on any down moves. The
three-minute downtrend support can also serve as potential short trails.
My recommendations heading into the next few days remain the same: Keep it light
and keep trading in perspective during this time where lack of volume presents
higher risk in terms of trade potential and the aforementioned turbulence (at
a minimum, I’m talking to myself).
One of the things I’ll be doing at this end is establishing clear goals for 2003
and doing some account restructuring to more clearly and effectively segregate
accounts to isolate “salary producing” (defined for my personal style as largely
modest-sized three-minute trend trades) vs. “experimentation” in order to remove
any “blurring” of account objectives and purpose. Traders which have varied
objectives — and I think it’s very appropriate and effective to have stretch
objectives, lest we wither — in a single or combined account may want to
consider similar measures.
ES (S&P)Â Â Â Â Â
Thursday December 26, 2002 11:30 A.M. ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
Charts ©
2002 Quote LLC
Many thanks to those
who responded to
Tuesday’s column request for potential seminar feedback. The response was
strongly supportive and your suggestions will help craft whatever we do.
Child Insights
I thought I’d share two of my favorite
Christmas gifts from my young ones that reinforce the notion that we adults…can
learn more from them than we will ever know.
A Winner’s Creed
If you think you are beaten, you are;
If you think you dare not, you don’t;
If you’d like to win, but think you can’t, it’s almost a cinch you won’t.
If you think you’ll lose, you’ve lost;
For out in the world we find success begins with a person’s faith;
It’s all in the state of mind.
Life’s battles don’t always go to the stronger or faster hand;
They go to the one who trusts in God and always think “I can”.
–Author Unknown
And this one came from my youngest, who as many of you know, has
been through her share of medical challenges this year.
A plastic bag with the
following contents and inscription:
An Eraser — so you can make all your mistakes disappear
A Penny — so you will never have to say “I’m broke”
A Marble — in case someone says “You’ve lost all your marbles.”
A Rubber Band — to stretch yourself beyond your limits.
A String — to tie things together when everything falls apart.
And a Hug and a Kiss — to remind you that we love you.
If they choose to follow
in the difficult trading profession, I’ll pass this back to them as it would
serve them well.
Good Trading!
Â