Summary
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Euro sold off hard in the overnight session, will look to sell 1.3635, 1.36 resistance.
Tuesday, February 23, 2010
Market Notes, Feb 23, 2010
Friday, February 19, 2010
Wednesday, February 17, 2010
Market Notes, Feb 17, 2010
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Euro has sold off quite a bit overnight. Prior support was 1.368, will monitor that area for buyers to step in.
Tuesday, February 16, 2010
Thursday, February 11, 2010
Market Notes, Feb 11, 2010
Summary
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Overnight bias was bearish, so it was appropriate to look for a short at least in the first half hour of RTH.
Resistance 1064, 1069.5, 1076
Support 1058, 1056, 1053, 1041
Euro fell heavily overnight, so that should act as a drag on the markets. Right now, that bounce at 1058 is bringing in a lot of buyers, so we shall see if it is time to go long, or just a big retrace.
Will post another update later this morning on what I am seeing.
Update:
Note how the Advance-Decline went from -1100 to +1200. NQ is acting even more bullish, rising from 1738 to 1775. This almost equals the +50pt drop in NQ from last week. ES 1064 was a point of contention for a while there, but now price has moved comfortably above it again. Now all we need is buy volume to come in to confirm follow through of Friday's hammer reversal.
I missed the move from 1062 to 1073 because I was not at my desk at the time. Will look to enter long on TICK < -800.
Wednesday, February 10, 2010
Market Notes, Feb 10, 2010
Summary
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Brief post today, woke up later than usual.
ES is inside the move from 1058-1076, and also range bound 1064-1069.5 A break of this range will determine the direction for the day. I plan to enter on TICK pullbacks once that happens.
Euro ran to 1.381 before fading, and is now acting weak. Still looking for 1.371 to hold, otherwise I will look for shorting opps.
Tuesday, February 09, 2010
Choose Not to Fall
"If You're afraid to fall, then you fall because you're afraid."
-- Daniel ILabaca
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found this video courtesy of @FuturesTrader71:
Fear of failure. This is an issue that occurs with many traders. The first time it happened to me, I took time off from trading. Now I think it is happening to me again.
To my knowledge, the recipe for dealing with such fears is to change my attitude. The primary concern should never be about being afraid to fail. As a trader, the primary concern should be about dedicating yourself to this craft, stalking the next setup, planning out your next trade, visualizing how you will perform when it really counts. The next losing trade is always going to be right around the corner, there is nothing that can be done to change that, therefore, there is also no purpose to be served in fearing it, or worrying about it. All paths towards the goal of consistency always goes through the facets of patience to wait for the right time and the right price to execute trades according to plan, and discipline to execute your plan in the same way, every time, day in, day out.
I think this is my interpretation of "living in the moment." Flush my mind of destructive thoughts, and replace them with constructive thoughts.
So it shall be with me, as I try to replace thoughts of fear of failure with thoughts of how I am going to plan and execute my next trade.
Market Notes, Feb 9, 2010
Turnaround Tuesday.
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For the Euro, the Key levels to watch are:
1.368, 1.371
Monday, February 08, 2010
Market Notes, Feb 8, 2010
Range contraction follows Range expansion. Not expecting any Monday meltdown.
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Looking to play the gap fill today, as it should be a small gap
potential scalp short 1067 (overnite highs, weekly lo from 2wks ago, weekly pp)
potential long 1050: VAL + LVN.
Euro might also present a potential scalp long if it breaks above 1.3685.
Saturday, February 06, 2010
The path to consistency
Consistency is the holy grail.
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Well, as this blog is my witness, i was unable to commit to 20days of posting the pre-market notes. As it turns out, there was a day where I could not find good trades, but I felt obligated to point out trades in my notes. So, the resolution to that conflict was to not write any notes.
However, once i stopped the first time, it was like undoing a good habit, which I do not want. So I will try a more modest goal, which is to produce daily pre-market notes for the remainder of this month. After that, I will re-evaluate.
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