The Market finally gave up some to bears as the bulls ran out of steam at the highs. For the market to recover from 2008 the way it has done still leaves me in shock. This past week the market traded in a tight range and I got pushed around . Of course I would pick the worst market conditions to go live in, but hey I’ve done this before. Last September –October of 2010 I went live and entered the market when the S&P testing 1200 and considered extended. Market traded tight sideways with jerky intra-day price action and I got ate up and spit out. After days of review and picking myself back off the floor I realized I learned a lot about the condition the market was in and excepted the outcome and if it happened again I would maybe understand better. Well just a few months later we here were at 1300 level and I’m stuck almost at the same situation. Going live and the market is crappy dead at the next major level. Learning from my mistakes in Sept-Oct 2010 I review notes and tried more zone level buying vs continuations this time. Nice try but no cigar. This market left little room to make up for mistakes and I for sure made some. My reads were good this week but timing was off hitting these levels. I ended down 300 with commissions for the week . I felt that was a good stopping point as the market just didn’t seem to agree with my ideas J so who would have thought today would have been any different? Although I wasn’t profitable this week I do feel good about the way I was executing. I fired off 12 trades for the week which is a good start for me. This shows my skin getting more thick. Keep pushing forward
Two charts of the ES overview of market conditions at major levels for when the next we get here even if it’s a 100 years from now I’ll have notes. The first chart shows the market at both major levels on a daily chart with the major trend. The second chart shows the this weeks sideways range.
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