Mar 112012
 

Today was a good example of a couple things:

  1. Not getting the perfect setup (long at support).  that’s ok.  it happens.  I learn not to let it bother me.
  2. Taking a risky counter-trend trade when I missed the good trend trade.  This was in my plan and I should have let it play out.  that’s why countertrend trades are difficult, cause I don’t want to give them much room.

 

  2 Responses to “Review for 2012-03-09”

  1. I, too, was waiting for the 58-60 zone for the long. However, since we were above the bull/bear zone, creating a higher low (may have been FlowTrader’s 1-2-3 set up, but not sure) back in the opening range and holding opening print,and rejecting the previous day’s range, I was able to get long. I’ve only been following the EMP zones for a few days, so you may be able to better elaborate. It seems as though he is trying to convey if we are hold above the B/B line, the directional bias should be long. If the market is so strong as to not pullback to the B/B zone, you have even more confirmation of the directional (long) move so look for other set ups (other than waiting for the zone to be pierced) to get you in. I’m not sure if this interpretation is correct, but will continue to test it, track it, etc. For now, since the trend up is so strong, I’ll refrain from shorting resistance zones and try to use them as targets.

  2. RPK – Your reasons for going long are very good. I couldn’t do it because I need a signal, but it makes perfect sense.

    You’re right, or at least my understanding is the same as yours. If we hold about B/B then bias is long. But I’ll still take the short if internals are not very bullish because it’ll usually bounce off those. If A/D is strong then won’t fade.

    thanks for sharing.

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