Let me just start out by saying I have not looked at a chart since Monday or Tuesday...I think that's a record for me. So, anything I might say about the market is totally based on previous opinions and research and not based on any technical charting done today. That being said, here goes...
Like I have written recently, I am not overall bullish on the market. Recently I was wanting to be long, and as you may have read, I got long, made some profits and got tricked out of my positions by fake outs and lack of dicipline, or simply tyring to be too safe. Anyway, continuing on...I had said that after I took those longs for a ride, I wanted to get short at or near the newer highs. Those have occured, so I would now be looking for places to get short. NOW, I AM NOT SAYING I WOULD SHORT THE MARKET HERE...ESPECIALLY SINCE I HAVEN'T LOOKED AT A CHART IN NEARLY A WEEK! What I am saying, is that I would look for a place.....I would look at my weekly and daily charts to see when and where a short might occur, and I would take it. Let me reiterate...I WOULD NOT TAKE A SHORT BASED ON A 60 MINUTE OR SHORTER TIME-FRAMED CHART!!! Only on a weekly or a daily...more so on a Weekly.
So...when will that happen? Not sure. I am out all next week studying for my Series 7 test, which I plan to take and pass with flying colors. But, man,this crap is tough...but I must admit...VERY INTERESTING AND COOL. I would be very scared if I didn't think this stuff was cool and interesting...That would indicate I am barking up the wrong tree as far as my career..did that make any sense?
Anyway, wish me luck..b/c I wish you all luck trading.
Andy
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4 comments:
Good luck on yout series 7.
Steve
Best of luck on your Series 7 exam, Andy.
I took it years ago (and have since let my license expire) and know it's not a walk in the park. Someone once told me that it was considered the third most difficult exam amoungst professionals. The bar exam being #1 and the CPA exam being #2.
You seem very intelligent so I'm sure you'll pass with flying colors. Best of luck!
Jim
I have my 7, and I can tell you'll pass as you said "with flying colors".
You are right, the fact that you do find it interesting means you are in the right path and of course it makes studying a lot easier too :)
Buena suerte Andy!
It seems as though you mind as well be blind looking at charts..,The market is making all time highs and you are looking to get short??!!!
LOL
Where did you learn to trade anyways
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