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.
Yesterday made a lot of progress towards my channel support target in the 1975 SPX area, but it would be rare to see a move straight there unless that support was going to break. The move up from the low yesterday looks like a B wave bounce and the obvious targets are the 38.2% fib retrace in the 2025 area and the 50% fib retrace in the 2035 area. I wouldn’t expect much higher as I’m expecting to see the open breakaway gap into 2043.94 respected on this move. SPX 60min chart:
Well, I’m feeling somewhat better today. I got a full night’s rest, my Vail-chapped-lips aren’t quite as cracked, and I’m not standing like a fool with no positions looking at a market in a free-fall. On the contrary, I’ve got a modest number of shorts, and last night’s rally has clearly lost its mojo. So it’s time to start the new year fresh.
I stated yesterday that I was enthusiastic on the long side with respect to energy and gold. Well, that didn’t last. Gold, as it always does, couldn’t manage to hold a strong rally together, in spite of global news that in the old days would have sent it roaring higher. And energy, after a bullish breakout, completely slumped beneath its horizontal.
Reviewing your own performance is a critical element to sustained profitability. If you take a minute to recall the most important trading moments from 2015 you’ll likely be thinking of your biggest wins, biggest losses, or biggest missed opportunities. For me, those memories only cover a tiny fraction of my trading activity – so the real lessons worth learning (or reminding yourself of) are found by going back to my day to day and month to month trading results to find out what the most important trading moments from 2015 really are.
First off, there is a hub-bub going on Twitter about how it looked like I was wearing lipstick on my show. As appealing as that might be to some of my more troubled viewers, the truth is that my lips are parched and cracked from a week in bone-dry ski country, so they look bright red. Sorry to disappoint, but I’m still, regrettably, makeup-free.
Second, today was a hard one to bear, but it ended not-too-terribly. I had a sleepless night, so I felt like hell, and I had that horrible I-am-totally-missing-out feeling persist for most of the day. The late-session recovery salved the wound some. I saw my “what if I shorted my 125 positions at the closing price of the 31st” spreadsheet (created merely to torture myself) rocket to $32,000 in profit, only to wither away to a $13,000 profit by day’s end. So, like I said, it didn’t sting as deeply as before.
