Fellow Traders:
Despite a fairly consistent bearish market, it took me 6 trades and about 6 hours to earn my Grand-A-Day (specifically, $1,551 – enough extra to average with my light day yesterday). I had to extend my stop to avoid a loss. I never recommend that strategy to students, but I have used it on rare occasions where I have underestimated the magnitude and/or duration of a corrective move, jumped the gun on the entry, but had sufficient confidence that the correction would give way to a new impulse wave in the direction of the trade. Today it worked.
I elected not to move the stop in the Room and it ended up being two ticks too close. Happily, once the selloff resumed, every other trade was a winner including the final long after the Room closed. I manually pulled the plug on that last trade to insure we finished in the money with a king’s ransom of $68. Whether I’m betting with real greenbacks or demo dollars, I hate to lose.
Today’s Charts
Here are today’s screen captures. They may include my personal chart, the TRADING ROOM demo platform, charts submitted by students and/or my running intraday Elliott Wave count in the S&P Emini. Please click on a chart to make it larger.