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.
First of all; wish all of you Merry Christmas and Happy, Prosperous New year.
Isn’t it wonderful to put your trading on auto pilot? When you have taken a position and you know that it is going to be achieved. No more anxiety attack and looking for intraday signals. At least I find it much better this way.
The stock markets are on auto pilot. They are grinding higher despite all the doubts and walls of worry. But that is the plan for the next nine days. There may be a small correction in between just to shake out the weak hands and correct the overbought conditions but the ship is on course. So let’s talk today about something else. ”Gold”.
The Speculative Sentiment Index (SSI) which is a contrarian indicator, shows that the retail short in AUD is much more than the long. That indicates more gain in AUD.
Yesterday I sold and closed all my long position in the face of a massive upturn and I myself doubted my action. But in the end, we have to follow the methods and rules and not be ruled by emotions. Stock market is almost like playing a game of Texas Hold’em. We have to keep the nerves and win. It was a good call to sell yesterday and I got a better entry price today apart from locking in the profits. I immediately Twitted my readers; http://bbfinance.blogspot.com/2011/12/trading-journal-december-20-2011_21.html . By the way, did I tell you that today was a massive T bill sale by the Fed, the last one for the year?
Yesterday I went long when the index was plunging because I trusted my cycle analysis and my calculations. And today Santa came thundering down to vindicate me. But then I sold my long position one hour before the close, just like yesterday, only the other way round. My logic is simple and you can read them in my trading philosophy here ; http://bbfinance.blogspot.com/p/swing-trader-heaven.html
So I took the money and ran. Do I think that the rally is over? Heck no! There is more to come. But as of now, the index is over stretched beyond imagination. Like the elastic band, it has been pulled too far too soon and it has to come back to equilibrium before it can start its journey again. Today was a Major Accumulation Day. Yesterday was a Major Distribution Day. According to my good friend Cobra, we will definitely see a down day tomorrow.
