As per my TPS thread: can’t win 'em all. Closed today for a net loss of 570. But up 2.3K for the week. TPS trades closed on Monday accounted for 904. Balance from trades detailed here.
Reason for today: jumped in too early on Dow shorts. And this from simply being impatient today for whatever obscure reason. I know for sure that you HAVE to wait for the S&P to reach one or the other pivot level if you’re going to even attempt to go against the market on any of the Indices. I see this day in and day out. For some reason or the other: couldn’t wait today. Trades would still have been losses. But probably in the region of 100 as opposed to a net of 570.
And found something today that I didn’t now about i.e. the difference between advancing volume to declining volume in the S&P. Looking at this chart (below): absolutely no brainer today that trying to go against the trend was an exercise in futility. This little nugget I evidently missed in Carter’s book until earlier today (when I was looking for something else). Pity. Had I known about this little nugget there’s no way I would have taken profit on my long opened immediately at market open and would have only been closing like RIGHT NOW as the markets closed.
Anyway. Sure once again goes to my take on the market internals. Only the deaf, dumb, and blind (or those without this chart) would try to take counter trend trades and not go with the market on a day like this.
$VOLDSPC 5m 12072019
Spot the spike in volume into the close!!!
Now for what it’s worth: the ticks got me out of the shorts before that spike up (which obviously caused prices to jump up in the last five minutes). As soon as I started seeing the ticks climbing I got out.
Anyway. So I closed down today. But you now what??? Feels good nevertheless. Thoroughly enjoyed the week. Thoroughly enjoyed my trading. And closed out for a loss of 1%. This I am totally good with!!! And this, ladies and gentlemen, boys and girls, it what this business is about!!!