Tuesday, February 12, 2013

Feb 12

Did not see the markets well today.

I did observe the internals were very strong.  But I didn't capitalize on any opportunities.  I couldn't see where to find entries.

After the fact, I realized I should have been entering ON the 5 min TL touch at the open in /tf.  I noticed /tf is touching a rising TL from the TOP -- not a supportive TL - but more like a resistance TL that keeps rising.  /GC - is doing the opposite and just recently returned back to its declining TL after a steep morning drop -- it got too extended.

These TL formations are infrequent and provide the big swings.  Catching just one a day is all you need to make huge profits.

I saw that /cl topped out at 8:30 and it bottomed out at 8:35 the day before and bottomed at 8:30 a few days earlier.  There are key times to watch for.

I need to have a set of rules in front of me and I need to wait until the signs are crystal clear to enter/exit -- no reason to be overtrading.  Some trades are just obvious - but you miss them if you've wasted all your energy on suboptimal trades.

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