Enlarge any chart by clicking on it.

Unless otherwise specified, ALWAYS use the 15min chart to enter my recommended plays because
CONFIRMATION is a MUST.
In other words, you need to see a 15min candlestick that CLOSES beyond
the entry point, then enter when it moves 10cents after the high/low of that candlestick.

Wednesday, May 25, 2011

SPX - (PATIENCE PATIENCE PATIENCE - MKT IS TESTING MY PATIENCE)

This market has been testing my patience. I have always known myself as a very non-emotional trader, but at this time the market has been throwing me all kinds of curveballs till the point that i'm starting to think i'm a very emotional trader (by trying to be aggressive). The market is clearly prevailing as I struggle to make moves before getting a clear signal. It's true that "a patient dog eats the fattest bone". Nothing in this chart says that a trader should be Bullish or Bearish at this point till a clear breakout takes place. The chart looks very clear and simple (as all other charts) and should be treated as such.