Search entries:

FibMaster live workshop
& chat!

Live webinars
lessons & seminars.

Video seminars & lessons.

See what other traders say about FibMaster.

[Previous entry: "CBI A tale of two trades"] [Main Index] [Next entry: "AHC Minimize loss with 3x3 -77 cents"]

03/23/2004 Archived Entry: "S&P Market Wrap"

click here for S&P chart
March 22
The market pushed below the weekend support level 1095/1096 and supported
at the next lower SK support near 1085/1086.

The S&P had a down day losing about 14 points from Friday, but the 5-minute
chart shows a mostly sideways day between 1102 and 1087. You would think that
14 points would be great for profitable shorting.. Unfortunately too much of the
days range consisted of gaps and spikes, so there was not much trend to trade.

The morning started with a gap down, followed by a drift to 1096 support
where it made a quick flash below that. From there we had a slow drift up
to an ideal shorting price at SK resistance 1098 area. We entered short
there but had no momentum after entry, just a slow drift downward until an
exit was triggered with a small profit. That was the most secure entry of
the day, but the move was small. See attached chart.

After that we had boredom and consolidation until the close of trading.

Today was a great day to learn when to pass on a trade! I did that most of
the day, patiently waiting for the optimim setup, and passing on the many
sloppy possibilities. Imagine all the slippage and commission we saved!