Focus on the past to improve trading the future(s).
Wednesday, May 2, 2012
Higher Timeframe Bottoms:
Today started weak and my mistake was not checking the higher timeframe. IWM bottom was not random -- it was 2 cents off the 20 day MA, and it also was a few cents from the lows from 5 days ago (in IWM) -- so not surprisingly, /tf bounced hard and strong.
However, Market Signals were weak and there were two great opportunities to get short safely -- both required waiting for a triple top to form. This made more sense since the signals were terrible but the market likes move and fill gaps.