Mrs. Bluecollar just got back from a half-day at work and we're going out to enjoy the beautiful weather we are having today. We in northern New England don't get a lot of these days; warm temps, a light breeze, and low humidity. So, we're taking full advantage by getting on the Harley and hitting the road. I'll sum up the morning of paper-trading by saying that I enjoyed it and despite a couple losses from stop-outs, I had a chance to hit part of a small trend in GS for $595 and scalp some pullbacks. I REALLY had to force myself to not sell out the GS trade for a quick gain. I only took about half the move available, but that is much better than I have been doing lately. I think I can train myself to do better, to stay in longer, once I have confidence in my ability to recognize the slowing/turning of whatever trend I am in. As I post this, I see a very nice trend down in SKF as the markets bounce. A trend which began about 11:00am where I was scalping reversals on the large divergence from the mean. That would have been a great short entry on SKF, confirming that my old triggers can be very reliable entries at the start of trends. After all, a trend has to begin with a reversal of direction, right? The following stats do not include one break-even trade .-
5 for 7 winners, a 71% success rate. Gain of $815 in about 2 hrs of paper-trading.
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Saw something here that I had to take a screen shot of and post it. For some time, Scott at Fear & Greed has instructed to keep an eye on volume of the indices. So, note the very light volume on the QQQQ at 9:55am corresponding to the large red candle on the Q's chart; long candle but no volume committment in this move down. I'm thinking a reversal to scalp... the next candle gave a chance to scalp out some gains but it also turned out to be red... but with very little price movement accompanying its large relative volume, also a sign that a reversal might be coming. Sure enough, the 10:05 candle was a nice upward move and the SRS had a nice LONG red candle down of 41 cents per share corresponding with it; I don't know if it will last and become a trend, but it's a very nice scalp, if that's your thing.
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