Wednesday, February 24, 2010

No Trades, All Analysis.

Market moved pretty wildly today on the news, but after looking at it some more, I realized that the news seemed to only temporarily take down a chunk of the strong upleg that did continue and then pull back before midday. That's why this chart is so ugly. I over wrote it with corrections to my original analysis.

I also didn't want to trade because, in the past, when I had anything new to look at, I would get excited by that, and try to trade it in place of everything else in my system. Well, I guess I worked enough on that problem, I don't have it any more. I also didn't have that problem when I recently added MACD and Ichimoku indicators on a couple of charts.

What was new, was Al Brook's micro trend lines and his H1, H2 and L1, L2 breaks from them.

I ordered his book on Amazon; also got the 1st 50 pages from Wiley. Just discovered T2W. It looks like a really large and active site, where have I been?

Back to reading now. I know I missed a lot of entries today, and the work that I did yesterday really, really helped me be OK with not trading the big moves today and not freaking out about it. I am dedicated to progressing thru any and all remaining issues that I have. Intensity hopefully won't alter my being in "mind #1" (see Psychology of Trading) but if I think it might, then you can bet I won't be trading. Enough, back to studying.

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