tag:blogger.com,1999:blog-19713238.post2511199604153695087..comments2023-11-05T06:41:02.893-05:00Comments on Wall St. Warrior: Commodities Rally - Potash Corp./Saskatchewan (USA) (Public, NYSE:POT)TJhttp://www.blogger.com/profile/13294634341130531371noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-19713238.post-17326743572144143212009-07-25T10:34:51.903-04:002009-07-25T10:34:51.903-04:00Your answer makes a lot of sense to me Jamie. I ha...Your answer makes a lot of sense to me Jamie. I have at all times a small window with SPY, but silly me I did not think of marking that one with major S/R levels. I'll try to follow your guidelines.<br />Thank you!anarcohttps://www.blogger.com/profile/07019940671966695117noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-50285256696433253522009-07-24T21:21:23.124-04:002009-07-24T21:21:23.124-04:00Good question Anarco,
The best way to gauge the m...Good question Anarco,<br /><br />The best way to gauge the market mood is through the SPY or S&P futures. We are definitely predisposed to our intuition and technical analysis, but at the same time we don't want to fight the tape. So having a chart of the SPY or ES on the screen at all times is a good idea. When major resistance gives way, the short squeeze takes over, propelling overbought technicals even higher. When major support gives way, stops get triggered and prices drop at exponential speed.<br /><br />I was bearish going into today after all the negative earnings reports from last night. Surely, that would be a catalyst for some profit taking, but that trade lasted about 90 minutes, until the the ES futures carved out a tweezer bottom at support from last night's AH lows and bounced.<br /><br />The bears are weak after yesterday's devastation. We as traders have to be nimble and follow the smart money. If our intuition proves to be wrong, exit and wait for consolidation so that we can jump in at low risk and catch some of the move.<br /><br />It does affect my trading in that I might not be focused on the right sectors/stocks, but I try to adjust by following the market pulse as much as possible throughout the session using the scanner and Briefing.com<br /><br />Hope that answers your question.TJhttps://www.blogger.com/profile/13294634341130531371noreply@blogger.comtag:blogger.com,1999:blog-19713238.post-79133584125917101672009-07-24T01:43:46.576-04:002009-07-24T01:43:46.576-04:00Great trading and posts today Jamie!
I have a ques...Great trading and posts today Jamie!<br />I have a question regarding expectations. Although I try to be open and nimble, today I came into the session with the expectation that a pull back was "suppose" to come and I ended up passing a number of trades that I would have normally taken. My question is: How do you work with that? For example, in your post today you say "get ready for some profit taking." Does that affect your ability to pull the trigger in a different direction or you try to look at charts and let them tell you the story. Anyway, I hope you get what I am trying to ask. Thanks in advance!anarcohttps://www.blogger.com/profile/07019940671966695117noreply@blogger.com