Last week I didn’t post a single trade for a couple of reasons. First, the volatility in the market made it tough to select a high probability, low risk trade to share with you. Second, my internet connection was off and on Wednesday and didn’t work at all Thursday, Friday and Saturday so here I am while I still have internet access!
We saw some big moves today as you might expect on the first trading day after Fannie Mae and Freddie Mac were taken over by the government, the street loves a good bail out. Frankly the behavior of privatizing profit and socializing losses makes me sick.
The see-saw action has made it difficult for a support and resistance trader such as me to find decent trading opportunities so perhaps this week we can settle down and find a direction again.
September’s Trader Survey
I started blogging to help you trade better and hopefully make some money in the process. I’d like to learn more about my readers so September’s Trader Survey asks the question “Do you work full time?” I’m looking at ways to make this blog more useful so your input is very much appreciated.
Hopefully some good trades will come later this week, stay tuned and stay patient!
Ryan
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I trade while at work and at home. This week I switched to the 240 charts from the 60min charts to suppress my overtrading tendencies, seems to be working. I think trying to trade at work is hard for obvious reasons, I find that if I’m looking for a particular breakout candle then often that will only appear once at work when the European session really kicks in, so I have to be vigilent. Often though I can’t plan as much as I need to to the changing situation intra-day so this maybe a reason for low quality entries perhaps. I’m looking for a less stressful approach now to trading with the 240′s, set it and forget it kind of thing. So far my trading has made me feel like I’ve had too many espresso’s!