As I look back on certain trading days, I can't help but chuckle at myself. A day like today, which at this point in time, has the S&P Futures up 15 points on the day, I have done nothing but SHORT the market, and have made a profit. I've been using the MOBs all day, looking for areas of divergence at resistance. That technique, combined with the strict money management we teach, has yielded a profit on the day.
Just after 1130 EST, I shorted what LOOKED to be a Wave 5 at the time. In hindsight, it wound up being the end of 3, and I was actually short during Wave 4. Again, just before 1PM EST, we hit the MOB from the previous high at what is now Wave 3. A quick short there ended up just hitting my first profit target, with a stop out of the rest at break even. I attempted another short between 2 and 230, but was stopped out there at a loss. However, I'm currently short on the counter trend from what is currently the high on the day. While I've been typing this blog, we've dropped a full 4 points. We may have finally found the high I've been searching for! (for the VERY short-term)
nate
Thanks for the update. Could you provide your inputs into where the market stands from the big picture? It looks like from the 60 minute, daily, and weekly, wave 4 has completed and the market is topping out. Thxs.
Posted by: DvE | November 16, 2009 at 04:24 PM