Chart Abbreviations:

3BC: 3 Black Crows; 3WS: 3 White Soldiers; BeC: Bear Channel; BeE: Bearish Engulfing; BTC: Buy To Close; BTO: Buy To Open; BuC: Bull Channel; BuE: Bullish Engulfing; DCC: Dark Cloud Cover; EnP: Entry Point; ExP: Exit Point; FW: Falling Wedge; HL: Higher Low; HH: Higher High; HM: Hanging Man; IR: Island Reversal; LBB: Lower Bollinger Band; LL: Lower Low; LH: Lower High; LPP: Lock Profit Point; MBB: Middle Bollinger Band; NABOP: Not A Bottom Out Pattern; NATOP: Not A Top Out Pattern; R: Resistance Line; RW: Rising Wedge; S: Support Line; SLO: Stop limit Order; SMO: Stop Market Order; STC: Sell To Close; STO: Sell To Open; T: Target; TSO: Trailing Stop Order; UBB: upper Bollinger Band;

Thursday, January 22, 2009

Market is in a range bound mode now

Market will range bound for a while here... 7500 is hard to penetrate, and 8500 is hard to pass... so, up 1 day, down next... right now it is in a zone of 8100 +/-200 points

And you have to play against your own feeling these days if you want to DT, that means you have to take long positions when you really feel sky is falling... and you have to close long and flip into short when you feel better... that means, when you see something 15-20% in red, you buy in, and when it is 15-20% in green, you sell/short... and those opportunity windows are closing out real fast... if you can't handle this...

You accumulate on every new low and stop DT. Index will be hard to play, and opportunity is on individually stocks...
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