Wednesday, May 1, 2013

may 1

AD -900

long attempts are futile -- too strong - Trend Day so far.

AD  -1100 

/tf  down  14 points --  blam. 

-1200 AD -- been a while since we've seen that.

-1000 ad -- FOMC in afternoon --

chop until then?

continue to grind down -- after window dressing -- I noted Twitter was 100% bullish and now we see -- there are no buyers left up here.

/tf  down 2%

AD -1200

it's a sudden rush to the exits but everyone is a technical trader so they don't want to step in -- so vacuum selling. 

Always fade extreme sentiment.

tf formed a descending TL with 3rd touch at 7:50 -- set up was early -- for OVER 200 ticks of downside.

/gc  did a 4 touch for over 330 ticks downside.

I'm thinking 5 min candles are better -- too much noise on 1 min timeframe -- no valid patterns.

saw the perfect entry - caught TNA .10 from low of day - -based on 5 min location.  Did not feel good but TL are self-fulfilling -- people tend to herd... and thus -- you have to hold them when they work and wil pay for the failures.

My system will involve a LOT of waiting for proper setups.  Accepting the nonaction is critical.  This is not easy. 

AD -1300   pain train.

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