My Improvements For 2003
The S&Ps and Nasdaq markets are
trending down on yet another thin trade on this holiday-week Friday,
as the markets appear to be competing with local
malls in the post-holiday discount-sale arena. Our three-minute continuation
triggers on the 13-minute downtrend have provided the greatest opportunities
thus far.
At the risk of sounding like a broken record .. record … record (whack),
keeping the trade light remains your best bet and respecting the three- and
13-minute intraday trends in a market characterized by a combination of tight
ranges — even when trending — and air pocket surges. Given the thin trade, any
three-minute turn to the north can be strong consideration for tight short
stops, with the 13 serving as a looser trail. Given the thin trade, erring on
the conservative three-minute may not be a bad idea.
Let’s take a peek at the charts and then talk a bit and general
trade-improvement ideas as we approach a new year, including my own experience
and plan.
ES (S&P)Â Â Â Â Â
Friday December 27, 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
A Clean Slate
Ever get in a rut or feel generally
dissatisfied with your performance at times? (If you answer no, I’ve got some
land to sell you.) Did you not meet some of your 2002 objectives? I’ve got
good news, folks … 2003 starts on Wednesday. If you have capital available
going into the year; if you have learned from lessons in 2002; and as
Richard Machowicz would say, “aren’t dead yet,” you’re positioned better
than the vast majority of folks who attempt this business (the last attribute
notwithstanding). You survived what many have characterized as one of the most
difficult trading environments ever.
At this end, I’ve spent the last few days going over my own performance in an
attempt to craft 2003 performance objectives. Some personal improvement areas
actually include a few carry-over goals from 2002 including better positioning
for, managing, and legging out extra-base hits (for a guy who’s wired as a
decent singles and doubles hitter), taking more time off (that’s why you left
corporate life, dummie), improved account segregation as I discussed yesterday,
and better control of my Type A personality — this one has been on my list
since 1992. The last goal I have is making sure my 2004 list has fewer items
than my 2003 list.
In my
Dec. 2 column, I discussed the role that confidence plays in sports and
trading. As we approach year-end assessment of our performance and plan for
2003, I’d encourage a re-read of that article. And if you haven’t yet read the
Saturday interview by Mr. Machowicz, please consider doing so before crafting
your plans for the year — it’s a gem.
Good Trading and Have a
Great Weekend!
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