Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
This chart of the /ES tells you everything you need to know about this week:
Teal tint: churning around going absolutely nowhere meaningful;
Green tint: psych-out for the bulls to make them think a new breakout is here
Magenta tint: psych-out for the bears to make them think a breakdown is underway
So bulls and bears alike probably weren't really happy (or happy at all) with what this week did for them. It was just a big fat waste of time for me as well. I had a few good /ES trades here and there, but it didn't make much difference. And that false breakdown part was a real pisser, since I feel we're in a perpetual state of being teased these days.
I am going to be replacing one of my rules soon, and my Saturday post will probably be about that. I'm going to sign off for the day.
The graph below shows that the NASDAQ Composite ($COMPQ) has retraced to two major Fibonacci retracement levels:
- The 23.6% level of the retracement going back to March 10, 2000 (shown in pink)
- The 50% level of the 10/31/2007 to 3/9/2009 timespan (shown in green)
For those of you using Fib retracements, the confluence of two major resistance levels should have more import than if it were just one.
I went down to the business center to print a document out, and I noticed this sign above each computer:
They used twenty-four symbols to express something that could have been said with two ("Leave On") or, if they really wanted to be clear, four ("Do Not Turn Off").
But we have to use such treacle as "Guests", "kindness" and – a favorite of mine – "utilizing" instead of "use." Gawd, I need some George. You do too, whether you know it or not.
As my "what I learned" post late last night mentioned, I regretted not getting into a counter-portfolio trade yesterday (tinted in yellow). They're not going to do this to me again, though. I bought 20 /ES at 1023 earlier (tinted in blue). If the market plunges, so be it, because that's good for the rest of what I hold. But if it surges, at least I've got some serious action on this /ES to salve the wound.
I must be losing it, because I thought I posted this earlier, but I don't see it. If I did post it, well – – call me Goofy.
I received an email, an excerpt of which is shown below, from a fellow Sloper. I get emails like this from time to time. As a big believer that work should not feel like work, and a person who is blessed with a livelihood which he finds stimulating and pleasurable (I'm holding back – I love what i do) emails like this really get to me. Any counsel for this individual? I'm not trying to make this a Help Wanted ad; I'm just sure he, and others, would appreciate your counsel.
I literally despise my job as an accountant, & I want to trade FT. It all comes down to what I feel passionate about, & I'm passionate about analyzing charts & markets, developing ideas, acting on those ideas, & constantly learning.
Accounting/audit is just not for me. I know this. I think 3/4 of the problem is the nature of the firm I'm at & the client base (we have some nightmare clients).
How the heck to I go about transitioning fields? My one thought is to just p— off & start trading my own capital – I've got about $50K. However, this is not the best idea at present as I've got 2 kids (one 2 & 1/2 yr old & one infant), & I need some security to put food on the table, which is why a job in public accounting is more than ideal from a security standpoint.
What about working for a CTA or a small boutique money management firm (I'm located in Toronto), who might need an analyst or an apprentice/junior trader?
I'm not even sure if or where these types of positions might exist. I also know that it's often who you know in life, not what you know.