75 Winners, 13 losers...not a bad day at all. I only was able to watch the market for the open. I saw about 5 trades in 15 minutes. It is amazing to watch back to back trades sometimes got for 7 in a row! I took four trades or so with three winners.
When I got home later tonight, I saw an afterhours setup. I quickly took the trade and got 1 point very quickly. My total net gains on the day were 4.5 points. More than my daily goal.
Soapbox Alert:
From a long term perspective, I am disturbed at how the market is just not finding any bottom. The last ten days of data are almost a 45 degree angle down. Apparently a new president is not enough of a distraction to bolster any positive thinking. It certainly will not cover up the fact that our "smartest minds" on Wall Street and in banking have made unforgivable decisions. Buying subprime mortgages from irresponsible americans sounded like a great idea right? Greed and gluttony have utterly decimated our financial systems and our real estate markets.
I highly recommend viewing Season 27 of "FRONTLINE": Inside the Meltdown. This is a great PBS series.
The trade of the day was a great reversal trade. I have read many trading books and the mantra is always the same. The "trend is your friend", "picking tops and bottoms is a losers game" I am here to say I pick tops and bottom all day long. It just works that way...a signal is a signal.
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