Thursday, March 17, 2011

Fighting boredom...

The market gapped up +1% and that's always something to approach carefully. Those gaps often get shorted or, as was the case today, the market moves sideways. So, no follow-thru action and a less volatile day, which was probably welcomed by many traders, after the nose dive of the last few days.
The euro fought back to erase yesterday's gains of the dollar and oil rallied hard. No big news from Japan, except that power may come back soon. Meanwhile, we keep receiving mixed messages about the effect of the cooling of the reactors. Wait and see...

Only one daytrade today, in IO. I went in on the break of $12 and than panicked out when price immediately reversed (assuming a fake out) and S&P did seem to put in an intraday double top, right at resistance. I should've stayed in of course, my stop loss at 11.84 wasn't even touched (right under the previous low). Another entry offered itself near the 12.20-spot, but I didn't take it. No revenge-trading here, or chasing price. Actually, I did feel like chasing price at 12, but it was a nice base. Ideal entry would have been just above 11.70 after the green hammer. But I only spotted the stock when it approached 11.90.

So, one more I screwed up... It's all about emotions and keeping your cool. I definitely need to work on this!

From then on, I couldn't find any interesting opportunities and left it at that. I did however test the demo-version of Trade-Ideas. I'm thinking of purchasing the software, it's awesome what you can do with it. But there is only one way to really test it, by purchasing it. Because the demo-version only gives alerts with a 20-minute delay.

Interesting video from Stocktwit's own Phil Pearlman. A must view!

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