This Will Do Wonders For Your Trading
Folks, rather than gloss
over or try to come up with some spin on the market, let me tell it
like it is from my vantage point. Either I am in need of a day or two away from
the monitors (required for traders every few weeks) or the market is simply
acting in a manner that is not consistent with the way I approach the market.
I believe it is probably a combination of the
two. Nonetheless, I went over my Excel Spreadsheet last night for September’s
trades, I was actually surprised, on two counts:
1. Only 33 trades for the whole month
2. A slight (and I mean slight) profit
Naturally, given the way the market has been
trading it would have been real easy to have dug myself a hole, so on that front
I would like to think that my money management has served me well. Enough of
the summary and explanations. For me, I simply need to step aside for a couple
of days and come back with a fresh perspective. The market is quiet, anyone who
tells you differently is either deluded or lying. Moves appear to be random
rather than developing.
The one bright spot (it has been for a few weeks
now) has been in the Forex market. There have been a handful of trades recently
that have had excellent follow through. Currently a short in the
Euro/Yen (EUR/JPY) cross from 132.41 is
playing out well. Additionally the Yen (JPY)
is setting up for a potentially powerful move down through 115.
One sector you need to keep an eye on though are
the banks (BKX). While the banks had been lagging in recent weeks, the sector
appears poised for a move higher, this would be a major positive for the major
indices and may incite a more active pace in the overall market.
So on that note, keep it light unless conditions
warrant a different approach, or if you are feeling the same way as I am, take a
day off, it will do wonders for your trading when you come back.
| Support/Resistance Numbers for S&P and Nasdaq Futures |
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As always, feel free to send me your comments and
questions.