Many UpTL breaks here last year which failed dismally and cost me a great deal of capital. As a result I have developed a phobia in taking such signals. Watching from the sidelines in frustration now as this keeps trading lower and retracements are shallow.- Monthly : Bearish engulfing reversal candle for Jan10 almost nailed on now.
- Weekly : UpTL break at 1134 last week has seen follow thru.
- Daily : Bear flag for 1050.
- Plan : Awaiting decent rally to try to get short somehow. Won't chase this.
- Moral of story : Take all signals in the "right" size to avoid the emotional conflicts I am facing now. If I had stuck to trading in small on the previous false signals, I would not be in this anxious state now and would have not missed selling this.
- Aside : Simsci and Nikkei charts are looking bearish too, naturally.
- [Addendum 29Jan10 9:32 pm : Limit sell order for ESH0 filled at 1088 on +5.7% 4Q09 US GDP (Advance) vs Exp +4.5%]
29 January 2010
S&P500 : Square and Wrong
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