Wednesday, October 29, 2008

What is next

Follow Me on Facebook Follow Me on Tweeter
Sorry, no time to make any post during the week... This is not something I use to make money - I use it to put my thoughts in the order. I believe every trader knows that there are periods in the trading when you want run into the forest, find the dippiest hole, hide your head in and wait for a miracle. Usually such moments end with the portfolio crash.

To keep myself in the shape and avoid such situation I have this blog. The obligation to have at least one post a week make me to keep my head clear and to watch the market without emotions. If you see that you may not control your emotion, start a blog. The filling that somebody read what you write will make you to be unemotional and that may help you in trading.

Now, is not a moment for me to run into the forest. I'm happy. If you look at my previous posts the last two days I see exactly what I expected. Telling the truth the market exceed my expectation (see my previous "Nasdaq 100 chart" post). Even today's drop at last 10 minutes of the trading session looks promising (take a look at the volume during these 10 minutes...)

What is next, so far all my indicators are bullish and are pointed toward the October 14, 2008 highs. In such volatile market, the indexes especially the DJI may do it in a single trading session. As I mentioned several times before, only when I see that these highs are broken I can more or less be positive that what we saw on October 10, 2008 could be the end of the stock market crash. Again, I repeat, market is extremely volatile (watch ATR) and if you do not have ability to monitor charts during the day it's better to stay out of the market, unless you would like to invest into long-term (401K and IRA), last week was a good time for that (read my previous posts)...

See more in my weekend post.

No comments: