Tuesday, July 8, 2008
Over and Done With
Seabloke, thanks for having stood by me throughout these 4 really lousy months.
There must have been a dozen times that I was so close to throwing myself out my 27th storey unit that I have made it a point to steer clear of my windows.
There were times that we discussed - over kaya toast and nicotine breakfast - what would be the most comfortable way to die and even took into consideration what effect the method with which we use to kill ourselves would have on our fresh corpse.
You've been a gem. Coz you know me so well :-) Never once did you make an attempt to talk me out of thinking morbid.You joined me instead and made fun of death. Never once did you deliver any motherhood statements. You *bleep* more than me, and seemed even more pissed than me over things that bugged me.
I'm done being mad. Am taking down the angry entries and putting things behind me. Life is so short. For everybody.
By now, I've lost track of who started it first.
I just know I want to let live. And I want to make peace - with myself.
Say bye bye to the *bleep* *bleep* entry :-)
Love ya!!
There must have been a dozen times that I was so close to throwing myself out my 27th storey unit that I have made it a point to steer clear of my windows.
There were times that we discussed - over kaya toast and nicotine breakfast - what would be the most comfortable way to die and even took into consideration what effect the method with which we use to kill ourselves would have on our fresh corpse.
You've been a gem. Coz you know me so well :-) Never once did you make an attempt to talk me out of thinking morbid.You joined me instead and made fun of death. Never once did you deliver any motherhood statements. You *bleep* more than me, and seemed even more pissed than me over things that bugged me.
I'm done being mad. Am taking down the angry entries and putting things behind me. Life is so short. For everybody.
By now, I've lost track of who started it first.
I just know I want to let live. And I want to make peace - with myself.
Say bye bye to the *bleep* *bleep* entry :-)
Love ya!!
Monday, July 7, 2008
Pre-Market Analysis - GS 7/7 (Weekly Analysis)
5-Year Monthly Chart
At a glance:
Primary Trend is Up
Secondary Trend: Consolidation after Correction
On closer look, these are what I see:
Although bulls have been in a steady climb since 2005 with only 3 relatively mild bearish months in 2005 and 2 in 2006, the picture changed drastically in 2007, where bears took control half the time.
Granted that the beginning of the 4th quarter saw bulls taking just 2 months to accomplish what the bears took more than 3 months to pull off, bears had succeeded - month after month for 5 consecutive months - in recovering all that they've lost, and price was back to around where it opened in Sept 07, from where the bulls began their 2-month rally.
The length of Feb 2008's candle is an indication of increasingly bearish sentiments.
The following month, however,saw the bears taking a break.
One would think that the hammer that formed would have given buyers some confidence to come in since a hammer after a strong downward move typically spells trouble for the bears, especially when the low of the hammer is reinforcing a support from 2006.
But that didn't happen.
It didn't seem that the bulls were ready to take the helm. Although we did see some buying interest in the month that followed, the rally was short-lived. The month after saw bears taking from the bulls as much as 75% of what the latter had gained.
What I'm seeing is that although the bears have gone on another holiday, the bulls are hardly a threat. In what is primarily an uptrend since 2003, the bears are making increasing bigger corrections and for longer periods each time.
Nobody can predict what's to come, but it's logical to infer that the prevailing sentiments (well, charts' all about sentiments, isn't it?) towards the ailing financial sector, rising oil prices, and a sluggish US economy will definitely continue to put downward pressure on GS' prices (overlay a dow and S & P chart on GS' and you'll see them dancing together, with GS sometimes taking the lead!).
I'm not optimistic about GS's rebound (at least not within this year) from the 50% Fib level it's sitting at now to its high in Oct 07.
Again, simply put, I can't see any indication of a major reversal to the upside for GS in the next few months to come. At least not according to what I see on my monthly chart.
Zooming in to my weekly chart, For the Week of Jul 7
I'm seeing patterns that counter one another:
- A hammer in late Aug sending GS up, only to have
- A shooting star in late Oct took it all the way down
- A bullish engulfment disrupted the plunge but didn't send prices back up immediately despite the long bullish candle
- A short rally ensued after 4 weeks of consolidation and found resistance at April's support, which was also resistance from Dec 2006
- GS corrected to support level shown in red dotted line (reinforcing late Aug's hammer's support)
- A bullish outside bar in the week of Jun 9 was formed and GS rallied for a week
- A bearish engulfing pattern is formed in the week of Jun 23, but whether it will halt the rally will depend on how determined the bulls are and on this week's general market sentiments.
If oil prices indeed continues to slide (Brent crude oil chart showing bearish divergence and also a bearish harami), market's going to move up accordingly. When that happens, and if GS' going to trend with the market, we should see a spike in GS's prices. Why? Because for GS to move up against its longer-term downtrend, there will have to be a heap of optimism and/hence momentum!
So this is what I see:
- Oil has come down by $1.75 from thurs, sending Dow up
- GS has a reinforced support at around 167
- On its intraday chart, GS has closed higher than it's previous day's high on an uptrend (on 5 min chart)
Putting everything together, it seems unlikely that GS will drop today.
For the week, it looks like GS will trade within the box range defined by the the support at 167 and resistance at 184. If it breaks through the ceiling of the box, it's likely to aim for 203.5
It looks possible to me that GS could be trading up today.
At a glance:
Primary Trend is Up
Secondary Trend: Consolidation after Correction
On closer look, these are what I see:
Although bulls have been in a steady climb since 2005 with only 3 relatively mild bearish months in 2005 and 2 in 2006, the picture changed drastically in 2007, where bears took control half the time.
Granted that the beginning of the 4th quarter saw bulls taking just 2 months to accomplish what the bears took more than 3 months to pull off, bears had succeeded - month after month for 5 consecutive months - in recovering all that they've lost, and price was back to around where it opened in Sept 07, from where the bulls began their 2-month rally.
The length of Feb 2008's candle is an indication of increasingly bearish sentiments.
The following month, however,saw the bears taking a break.
One would think that the hammer that formed would have given buyers some confidence to come in since a hammer after a strong downward move typically spells trouble for the bears, especially when the low of the hammer is reinforcing a support from 2006.
But that didn't happen.
It didn't seem that the bulls were ready to take the helm. Although we did see some buying interest in the month that followed, the rally was short-lived. The month after saw bears taking from the bulls as much as 75% of what the latter had gained.
What I'm seeing is that although the bears have gone on another holiday, the bulls are hardly a threat. In what is primarily an uptrend since 2003, the bears are making increasing bigger corrections and for longer periods each time.
Nobody can predict what's to come, but it's logical to infer that the prevailing sentiments (well, charts' all about sentiments, isn't it?) towards the ailing financial sector, rising oil prices, and a sluggish US economy will definitely continue to put downward pressure on GS' prices (overlay a dow and S & P chart on GS' and you'll see them dancing together, with GS sometimes taking the lead!).
I'm not optimistic about GS's rebound (at least not within this year) from the 50% Fib level it's sitting at now to its high in Oct 07.
Again, simply put, I can't see any indication of a major reversal to the upside for GS in the next few months to come. At least not according to what I see on my monthly chart.
Zooming in to my weekly chart, For the Week of Jul 7
I'm seeing patterns that counter one another:
- A hammer in late Aug sending GS up, only to have
- A shooting star in late Oct took it all the way down
- A bullish engulfment disrupted the plunge but didn't send prices back up immediately despite the long bullish candle
- A short rally ensued after 4 weeks of consolidation and found resistance at April's support, which was also resistance from Dec 2006
- GS corrected to support level shown in red dotted line (reinforcing late Aug's hammer's support)
- A bullish outside bar in the week of Jun 9 was formed and GS rallied for a week
- A bearish engulfing pattern is formed in the week of Jun 23, but whether it will halt the rally will depend on how determined the bulls are and on this week's general market sentiments.
If oil prices indeed continues to slide (Brent crude oil chart showing bearish divergence and also a bearish harami), market's going to move up accordingly. When that happens, and if GS' going to trend with the market, we should see a spike in GS's prices. Why? Because for GS to move up against its longer-term downtrend, there will have to be a heap of optimism and/hence momentum!
So this is what I see:
- Oil has come down by $1.75 from thurs, sending Dow up
- GS has a reinforced support at around 167
- On its intraday chart, GS has closed higher than it's previous day's high on an uptrend (on 5 min chart)
Putting everything together, it seems unlikely that GS will drop today.
For the week, it looks like GS will trade within the box range defined by the the support at 167 and resistance at 184. If it breaks through the ceiling of the box, it's likely to aim for 203.5
It looks possible to me that GS could be trading up today.
A New Approach to Using the RSI (Part 1)
Check out this link and see how the RSI - a widely used indicator - is being used with a twist: http://www.tradingacademy.com/news/TradersJournal_BrandonWendell.pdf
If you don't at least take a quick glance at the above before reading on, it's likely I'll lose you...right about...NOW.
This is the journaling of my backtesing of Connie Brown's method (please refer to link above for detailed description of the said method). I'm doing this for the friend who sent me the link and also for my own learning purposes. I've not used the method to trade at all and I strongly advise those who intend to apply it in their trading to first do their own backtesting, then paper trade first before using it in real-money trades.
As Connie Brown's method requires trend confirmation before it can be used effectively, I've added these moving averages for trend determination: EMA 7 & EMA 21. I've decided on these numbers after testing out various other combinations of periods. Backtesting is done on the stock that I'm actively trading: GS.
If you're trading a different equity or instrument, you will have to play around with the number of periods, and also see if the EMA or SMA, or a combination, fits more with the price data of what you are trading. Which MA you use, and the number of periods used, will be based on such factors as the volatility of what you're trading, its trending characteristic, and your personal trading style.
The number of periods most commonly used are: 21, 50, 89, 150 and 200 days. Certain equities use periods of 70 and 100.
I've chosen EMAs and the periods 7 & 21 because I am a very short-term trader, and this setup's degree of sensitivity to signals suits my risk appetite.
I've also adjusted the oversold line for bearish trend to 20 from the 25 that Connie Brown uses, because when tested on GS, 25 sends premature exit signals too frequently. Based on my observation, divergences above the adjusted 20 line make better exits.
The following chart shows an example of how I MIGHT use Connie Brown's method:
In the RSI panel, you'll see various overbought and oversold lines. Ignore the 2 white lines representing 70 and 30. The ones we are looking at are:
For bullish trend - Blue solid line that represent the OVERBOUGHT line ; Red solid line for OVERSOLD
For Bearish trend - Blue DOTTED line that represents the OVERBOUGHT line; Red DOTTED line for OVERSOLD
Briefly on GS' movement prior to May 7: GS was trending down for 2 days on May 2 and May 5. On May 6, it climbed up to a high that's slightly higher than May 2's open, then took a slight dip but still closed above its open and near its high.
On May 7, the session opened with GS gapping up just a little from its previous day's close. As seen in the 5-minute chart above, GS's first move was a dip. The 2nd candle that I've labeled S1 seems like a good place to short the stock because:
1) RSI has crossed over the 50 overbought line (represented by the blue solid line in the RSI panel) from above
2) MA is seeing a bearish cross-over
3) MACD is also showing bearish cross-over and going into bearish region
However, I wouldn't enter a trade here for the follow reasons:
1) S1 sits on May 6's support - given GS' tendency to vacillate markedly in the first hour of the trading session, I'm not sure "down" is the direction it'll continue to take. The length of the bearish candle before S1 would have made me really uncomfortable as i would expect some profit taking following that.
2) To enter at S1, my stop loss would have to be at the high of the 1st candle of the session - the risk I would have to take is far too big for an unknown profit potential. Putting it in another way, the cost of this trade would be too high for me personally.
So much for today. Examples of 2 trades that I would enter will be shown in Part 2 of this topic.
If you don't at least take a quick glance at the above before reading on, it's likely I'll lose you...right about...NOW.
This is the journaling of my backtesing of Connie Brown's method (please refer to link above for detailed description of the said method). I'm doing this for the friend who sent me the link and also for my own learning purposes. I've not used the method to trade at all and I strongly advise those who intend to apply it in their trading to first do their own backtesting, then paper trade first before using it in real-money trades.
As Connie Brown's method requires trend confirmation before it can be used effectively, I've added these moving averages for trend determination: EMA 7 & EMA 21. I've decided on these numbers after testing out various other combinations of periods. Backtesting is done on the stock that I'm actively trading: GS.
If you're trading a different equity or instrument, you will have to play around with the number of periods, and also see if the EMA or SMA, or a combination, fits more with the price data of what you are trading. Which MA you use, and the number of periods used, will be based on such factors as the volatility of what you're trading, its trending characteristic, and your personal trading style.
The number of periods most commonly used are: 21, 50, 89, 150 and 200 days. Certain equities use periods of 70 and 100.
I've chosen EMAs and the periods 7 & 21 because I am a very short-term trader, and this setup's degree of sensitivity to signals suits my risk appetite.
I've also adjusted the oversold line for bearish trend to 20 from the 25 that Connie Brown uses, because when tested on GS, 25 sends premature exit signals too frequently. Based on my observation, divergences above the adjusted 20 line make better exits.
The following chart shows an example of how I MIGHT use Connie Brown's method:
In the RSI panel, you'll see various overbought and oversold lines. Ignore the 2 white lines representing 70 and 30. The ones we are looking at are:
For bullish trend - Blue solid line that represent the OVERBOUGHT line ; Red solid line for OVERSOLD
For Bearish trend - Blue DOTTED line that represents the OVERBOUGHT line; Red DOTTED line for OVERSOLD
Briefly on GS' movement prior to May 7: GS was trending down for 2 days on May 2 and May 5. On May 6, it climbed up to a high that's slightly higher than May 2's open, then took a slight dip but still closed above its open and near its high.
On May 7, the session opened with GS gapping up just a little from its previous day's close. As seen in the 5-minute chart above, GS's first move was a dip. The 2nd candle that I've labeled S1 seems like a good place to short the stock because:
1) RSI has crossed over the 50 overbought line (represented by the blue solid line in the RSI panel) from above
2) MA is seeing a bearish cross-over
3) MACD is also showing bearish cross-over and going into bearish region
However, I wouldn't enter a trade here for the follow reasons:
1) S1 sits on May 6's support - given GS' tendency to vacillate markedly in the first hour of the trading session, I'm not sure "down" is the direction it'll continue to take. The length of the bearish candle before S1 would have made me really uncomfortable as i would expect some profit taking following that.
2) To enter at S1, my stop loss would have to be at the high of the 1st candle of the session - the risk I would have to take is far too big for an unknown profit potential. Putting it in another way, the cost of this trade would be too high for me personally.
So much for today. Examples of 2 trades that I would enter will be shown in Part 2 of this topic.
Sunday, July 6, 2008
Shell
This is NOT an entry about SHELL the oil company.
Shell is what my home is to me.
This blog entry is about my new home (I have to give Seabloke some incentives to check in here now and then...she's complaining that my blog's getting very BORING)
I love my new home.
Ok, that's an understatement.
I LOVE, LOVE, LOVE my new home!
This 100 square meters living area totally confused the curtain guys (all of whom I like to call the "blind men" coz I have more blinds than curtains...haha...yup, EVIL's moi's middle name....) when they first came in. They couldn't identify the rooms; they couldn't find any, in the first place.
That's because all the walls within the unit, with the exception of the one that forms the building's pillar, have been hacked. In their place I've put in 1) a glass door & panel, 2)a dark wooden sliding door (which is actually the door of my mammoth study cabinet and 3) NOTHING.
The men were looking for my bedroom, which was concealed behind the studies.
My study room - my favorite hangout - is separated from the main living space by a glass panel and door that are usually wiped so clean by my cleaning lady that you probably won't be able to make them out, visually, until you knock your nose (or your forehead, whichever is the one that's jutting out) against it.
On most days, I would "unhide" my bedroom and open all my blinds and curtains. The unit becomes a bright and spacious studio.
Did I mention that my home has only 2 colors?
Black and pale lilac. My favorite colors.
In black are: the flooring, the cabinets and wardrobes, the sofas, the settees, D's lazy day-bed, the piano, the platform bed (from where I can see the entire night sky with its twinkling stars when i lie down to sleep - I live high enough to not have any buildings block my view), etc.
In pale lilac: my walls
Everything else that's not black or lilac is glass. Well, except for Al and Keisha. Al is bluish gray, and Keisha is beige.
I know Seabloke thinks my home is COLD. But that's the way I like it, and COLD is so ME.
I've never liked the warm and earthy colors that Seabloke loves - the brown, the orange, the red, the yellow-beige - and I don't really fancy bright colors (the only bright-colored thing in my home is a bright green stool which serves one key purpose: for my little nieces to sit on when they take off and put on their shoes during their visits).
And I utterly hate clutters. The fewer things to get in my way as I move around the house, the better. Hence there's absolutely no loose, dangling decoratives or displays - everything is mounted on the wall and all things that are not fixtures are hidden from view. The place is designed to allow lots of space for Al and Keisha to dash around wildly without having to make an e-brake every 2 meters.
My home is a model of what I want my life to be - clean, cool and bright, with lots of space, no messy clutters, no standing ornaments to trip me nor delicate displays to maintain. My curtains and blinds are made of pure synthetic material (D likes to call it "non-organic") - I made sure they are, coz I don't want anything eating and growing on them.
Yes, I have to agree whole-heartedly with Seabloke (ok, honey, I know you've never said it, but I can see it written all over your face :-) ) that my home is cold. But like I said before, and I cannot emphasize this enough: I LOVE it COLD.
I've gone through enough to appreciate a colorless life. Everything I'm looking at now gives me the visual comfort that I cannot find any place else.
Besides, I do get my healthy and regular dose of color and warmth - from Seabloke, my darling nieces, Pilot, and Ken.
And occasionally, I get more warmth than I ask for from D. But those are more aptly called "fires" - the kind that you FIGHT.
:-D
Shell is what my home is to me.
This blog entry is about my new home (I have to give Seabloke some incentives to check in here now and then...she's complaining that my blog's getting very BORING)
I love my new home.
Ok, that's an understatement.
I LOVE, LOVE, LOVE my new home!
This 100 square meters living area totally confused the curtain guys (all of whom I like to call the "blind men" coz I have more blinds than curtains...haha...yup, EVIL's moi's middle name....) when they first came in. They couldn't identify the rooms; they couldn't find any, in the first place.
That's because all the walls within the unit, with the exception of the one that forms the building's pillar, have been hacked. In their place I've put in 1) a glass door & panel, 2)a dark wooden sliding door (which is actually the door of my mammoth study cabinet and 3) NOTHING.
The men were looking for my bedroom, which was concealed behind the studies.
My study room - my favorite hangout - is separated from the main living space by a glass panel and door that are usually wiped so clean by my cleaning lady that you probably won't be able to make them out, visually, until you knock your nose (or your forehead, whichever is the one that's jutting out) against it.
On most days, I would "unhide" my bedroom and open all my blinds and curtains. The unit becomes a bright and spacious studio.
Did I mention that my home has only 2 colors?
Black and pale lilac. My favorite colors.
In black are: the flooring, the cabinets and wardrobes, the sofas, the settees, D's lazy day-bed, the piano, the platform bed (from where I can see the entire night sky with its twinkling stars when i lie down to sleep - I live high enough to not have any buildings block my view), etc.
In pale lilac: my walls
Everything else that's not black or lilac is glass. Well, except for Al and Keisha. Al is bluish gray, and Keisha is beige.
I know Seabloke thinks my home is COLD. But that's the way I like it, and COLD is so ME.
I've never liked the warm and earthy colors that Seabloke loves - the brown, the orange, the red, the yellow-beige - and I don't really fancy bright colors (the only bright-colored thing in my home is a bright green stool which serves one key purpose: for my little nieces to sit on when they take off and put on their shoes during their visits).
And I utterly hate clutters. The fewer things to get in my way as I move around the house, the better. Hence there's absolutely no loose, dangling decoratives or displays - everything is mounted on the wall and all things that are not fixtures are hidden from view. The place is designed to allow lots of space for Al and Keisha to dash around wildly without having to make an e-brake every 2 meters.
My home is a model of what I want my life to be - clean, cool and bright, with lots of space, no messy clutters, no standing ornaments to trip me nor delicate displays to maintain. My curtains and blinds are made of pure synthetic material (D likes to call it "non-organic") - I made sure they are, coz I don't want anything eating and growing on them.
Yes, I have to agree whole-heartedly with Seabloke (ok, honey, I know you've never said it, but I can see it written all over your face :-) ) that my home is cold. But like I said before, and I cannot emphasize this enough: I LOVE it COLD.
I've gone through enough to appreciate a colorless life. Everything I'm looking at now gives me the visual comfort that I cannot find any place else.
Besides, I do get my healthy and regular dose of color and warmth - from Seabloke, my darling nieces, Pilot, and Ken.
And occasionally, I get more warmth than I ask for from D. But those are more aptly called "fires" - the kind that you FIGHT.
:-D
Saturday, July 5, 2008
Pre-Market Analysis - GS 7/3 (Correction: No Belt Hold)
Pulled up GS' daily chart today and noticed that the candle for Jul 3 is different from that which was initially captured.
This is the updated chart showing a candle with a smaller body and a longer upper shadow (hence effectively disqualifying it as a belt hold):
This is what I see when I look at the daily chart: granted that GS gapped up for 2 consecutive days, the body of the bullish candles were getting smaller and the upper shadows are getting longer (upper shadow represents sellers). The high of Jul 3 has also hit what is by now a 5-month resistance.
Volume has dipped significantly from above average on Jul 2 to way below average on Jul 3 - but given that Jul 3 was the eve of a major holiday, the dip is hardly a surprise. Of course I could choose to look at the unimpressive trading volume as a sign that a reversal of the primary trend (ie. DOWN) is at least NOT around the corner.
Simply put, when I look at GS' daily chart, I just don't see it going up from where it is now in the next few trading days.
Zooming into the intraday (hourly) chart, this is what I see: in an uptrend (more precisely, a 3-day rally in what seems to me to be a general downtrend), GS has gapped up moderately, then dipped gradually and continually to its close. In a full-session trading day, if GS' uptrend has any strength, it ought to have rallied from its first dip back up to at least its open price. Since Jul 3 was a half-day session, it's difficult to tell if its closing without having ever rallied from its dip (after gapping up in an uptrend) actually means anything.
For now, based on the daily chart, it seems that GS' upward move from Jul 1 has lost momentum.
Personally, I like to do a thorough analysis on my weekly and monthly charts for the bigger picture once a week or whenever the prevailing trend seems to be losing strength or when I am totally confused by what I'm looking at on the daily chart.
But that's not going to happen tonight...In any case, charts can tell whatever stories they want to tell, what's fact is real-time price movement.
In a nutshell, before the market opens on Monday, it's rumors, news (on GS, on the other sector leaders, etc), the things that Fed says and does, general market sentiments (movement in the indices) , movement in oil prices (which should be reflected in overall general market sentiments anyways, so I'm going to forget my crude oil chart - I'm going nuts looking at charts!) that will have a more immediate effect on the movement of GS.
This is the updated chart showing a candle with a smaller body and a longer upper shadow (hence effectively disqualifying it as a belt hold):
This is what I see when I look at the daily chart: granted that GS gapped up for 2 consecutive days, the body of the bullish candles were getting smaller and the upper shadows are getting longer (upper shadow represents sellers). The high of Jul 3 has also hit what is by now a 5-month resistance.
Volume has dipped significantly from above average on Jul 2 to way below average on Jul 3 - but given that Jul 3 was the eve of a major holiday, the dip is hardly a surprise. Of course I could choose to look at the unimpressive trading volume as a sign that a reversal of the primary trend (ie. DOWN) is at least NOT around the corner.
Simply put, when I look at GS' daily chart, I just don't see it going up from where it is now in the next few trading days.
Zooming into the intraday (hourly) chart, this is what I see: in an uptrend (more precisely, a 3-day rally in what seems to me to be a general downtrend), GS has gapped up moderately, then dipped gradually and continually to its close. In a full-session trading day, if GS' uptrend has any strength, it ought to have rallied from its first dip back up to at least its open price. Since Jul 3 was a half-day session, it's difficult to tell if its closing without having ever rallied from its dip (after gapping up in an uptrend) actually means anything.
For now, based on the daily chart, it seems that GS' upward move from Jul 1 has lost momentum.
Personally, I like to do a thorough analysis on my weekly and monthly charts for the bigger picture once a week or whenever the prevailing trend seems to be losing strength or when I am totally confused by what I'm looking at on the daily chart.
But that's not going to happen tonight...In any case, charts can tell whatever stories they want to tell, what's fact is real-time price movement.
In a nutshell, before the market opens on Monday, it's rumors, news (on GS, on the other sector leaders, etc), the things that Fed says and does, general market sentiments (movement in the indices) , movement in oil prices (which should be reflected in overall general market sentiments anyways, so I'm going to forget my crude oil chart - I'm going nuts looking at charts!) that will have a more immediate effect on the movement of GS.
Friday, July 4, 2008
Pre-Market Analysis - GS 7/3 (Belt Hold)
I was looking at GS' daily chart and noticed that yesterday (Jul 3)'s candle is a Bearish Belt Hold(circled in green on chart). The high of the candle touches a 4-month resistance that I've drawn by using the low of the hammer that was formed on Jan 9.
The resistance was broken only on Apr 24 with the closing of a long bullish candle above the line. GS subsequently came back down, broke through the line and went further down before going back up to test the resistance again in mid June.
The appearance of a bearish Belt Hold candle suggests either a reversal of the upward move from Jul 1, or a consolidation. The belt hold line is significant when it confirms a resistance - in this case, the 4month resistance mentioned above.
Should GS close above this line in the coming week, it will be a signal that it will continue its uptrend along my green channel (refer to chart).
I will be looking at the weekly and monthly charts to get a bigger picture.
Meanwhile, the daily chart's telling me that 182.3 to 183 is GS' very short-term resistance.
GS 7/3 ( AAR)
So today turns out to be a really bad day to trade. Session ended early at 1am. Might as well...
Was having a breather with D and talking about my trade when he told me that several times during the session, he had wanted to buy a put after I exited from my trade. I asked him for his basis for wanting to enter.
To which he replied,"coz you said it's a down day. And you went and bought a call. hahaha..."
**&%#(*#$*&%%##!
Ok, I did tell him that. I have this habit of telling him just prior to market open, after he knocks off from work, how I think GS is going to move for the day. Most time, I tell him whether it's going to be a bearish or bullish candle on the daily chart, what the range is and how long the body is going to be. For today, I told him GS' going down.
But of course GS gapped up from its close of 178.79 yesterday and opened at 181.95 today.
D stared at his screen and gasped,"GS's going up!".
I was looking at something else on my screen (probably reading my mails, surfing some unrelated sites, etc)."It will come down" I commented casually.
I usually ignore the first half hour of the action coz GS behaves erratically at the start of the session frequent enough for me to not want to waste my time and energy staring at the screen.
When asked how much it will go down, I told him about my green channel and said it should stay within.
So when GS was around $181.2 (shortly after I close my losing position),where price was not too far down from the day's high, D was tempted to buy puts - he figured the only way it's going from there is DOWN. Coz I said so, according to him at "confession time" (see, I always ask D for reasons he wants to enter a trade, just to ensure that he actually has a strategy, and not just using his "gut feel").
And so after market closed at 1am, when we were having a smoke outside our home (the common walkway with a scenic view 27 storeys below shared by us and our only neighbour), D started counting the number of winning trades he would have made had I not stopped him from executing them. I was amused and teased him about his "gambling" style of trading.
He quickly countered that I was worse, and that in future, I should print out what I wrote on my blog and have my "prediction" highlighted so I'll not trade against it.
He got me :-)
Was having a breather with D and talking about my trade when he told me that several times during the session, he had wanted to buy a put after I exited from my trade. I asked him for his basis for wanting to enter.
To which he replied,"coz you said it's a down day. And you went and bought a call. hahaha..."
**&%#(*#$*&%%##!
Ok, I did tell him that. I have this habit of telling him just prior to market open, after he knocks off from work, how I think GS is going to move for the day. Most time, I tell him whether it's going to be a bearish or bullish candle on the daily chart, what the range is and how long the body is going to be. For today, I told him GS' going down.
But of course GS gapped up from its close of 178.79 yesterday and opened at 181.95 today.
D stared at his screen and gasped,"GS's going up!".
I was looking at something else on my screen (probably reading my mails, surfing some unrelated sites, etc)."It will come down" I commented casually.
I usually ignore the first half hour of the action coz GS behaves erratically at the start of the session frequent enough for me to not want to waste my time and energy staring at the screen.
When asked how much it will go down, I told him about my green channel and said it should stay within.
So when GS was around $181.2 (shortly after I close my losing position),where price was not too far down from the day's high, D was tempted to buy puts - he figured the only way it's going from there is DOWN. Coz I said so, according to him at "confession time" (see, I always ask D for reasons he wants to enter a trade, just to ensure that he actually has a strategy, and not just using his "gut feel").
And so after market closed at 1am, when we were having a smoke outside our home (the common walkway with a scenic view 27 storeys below shared by us and our only neighbour), D started counting the number of winning trades he would have made had I not stopped him from executing them. I was amused and teased him about his "gambling" style of trading.
He quickly countered that I was worse, and that in future, I should print out what I wrote on my blog and have my "prediction" highlighted so I'll not trade against it.
He got me :-)
Thursday, July 3, 2008
GS 7/3 (Trades)
Losing trade.
Bought a call in an uptrend and entered on technicals.
Good setup in both 5 and 10 min time-frame.
Exited/cut loss once a doji emerged.
GS consolidated and went down in a series of long-bodied candles after that; at the time of my writing (at 1130pm), GS has never gone up to the level where I entered my trade.
I'm glad I cut my loss in the nick of time.
Mistakes and failures always offer a lot more to learn than successes. What I learn from this trade is:
1) Volume is important - despite the good setup, volume was low, way below the average
2) NEVER to trade against my own view of the direction of the stock - this is my third loss since I started trading with real money and on all three occasions, I traded against the direction of what I thought GS would go for the day. It could be a confidence issue, or it could simply be that all my preparation prior to the open of the session has given me a fairly accurate prediction of GS' trend and I should really adhere to my view...
3) Never to enter during a choppy session - market has been really choppy and GS has been going up and down with the market. Inspite of that, I entered. Pure arrogance on my part to think that I can now trade in the window that I have before today always avoided trading in.
4) Doji is magical. Almost always halts an on-going trend.
Bought a call in an uptrend and entered on technicals.
Good setup in both 5 and 10 min time-frame.
Exited/cut loss once a doji emerged.
GS consolidated and went down in a series of long-bodied candles after that; at the time of my writing (at 1130pm), GS has never gone up to the level where I entered my trade.
I'm glad I cut my loss in the nick of time.
Mistakes and failures always offer a lot more to learn than successes. What I learn from this trade is:
1) Volume is important - despite the good setup, volume was low, way below the average
2) NEVER to trade against my own view of the direction of the stock - this is my third loss since I started trading with real money and on all three occasions, I traded against the direction of what I thought GS would go for the day. It could be a confidence issue, or it could simply be that all my preparation prior to the open of the session has given me a fairly accurate prediction of GS' trend and I should really adhere to my view...
3) Never to enter during a choppy session - market has been really choppy and GS has been going up and down with the market. Inspite of that, I entered. Pure arrogance on my part to think that I can now trade in the window that I have before today always avoided trading in.
4) Doji is magical. Almost always halts an on-going trend.
Pre-Market Analysis - GS 7/3
Very briefly, my take is that GS is continuing in its current downtrend within my pink channel. Range is probably 175 - 180 (enveloped by my green and pink channel). Given the bleak market outlook and sentiment, GS is not going up further from it's slightly upward move yesterday. At least not today.
GS 7/2 (Trades)
There's only one word to describe tonight's session: havoc.
I missed the only good setup to buy calls (In my earlier entries today, I did mention that I was expecting gs to continue to trade within the uptrend channel on my daily chart)- coz I had gone to take my nice warm shower...$%*#(@(* - and bought mostly puts (going against my take on gs' movement...well, I was being flexible and going with the trend...after all, trading is more of an art than hard science to me...)
Anyways, today's definitely not the most fantastic day to trade.
Nonetheless, I did 5 scalps, and none was based on technicals. 4 was profitable; 1 was a loss. Net loss: 13cents per contract.
Something I learnt about myself - trading is more like a game to me than a way to make my living. I am quite sure I'm starting to get addicted to scalping...I'm not as sure that it's necessarily a bad thing though.
Anyways, here's a snapshot of my trades today:
GS' daily chart showing today's candle (traded up my green channel indeed):
I missed the only good setup to buy calls (In my earlier entries today, I did mention that I was expecting gs to continue to trade within the uptrend channel on my daily chart)- coz I had gone to take my nice warm shower...$%*#(@(* - and bought mostly puts (going against my take on gs' movement...well, I was being flexible and going with the trend...after all, trading is more of an art than hard science to me...)
Anyways, today's definitely not the most fantastic day to trade.
Nonetheless, I did 5 scalps, and none was based on technicals. 4 was profitable; 1 was a loss. Net loss: 13cents per contract.
Something I learnt about myself - trading is more like a game to me than a way to make my living. I am quite sure I'm starting to get addicted to scalping...I'm not as sure that it's necessarily a bad thing though.
Anyways, here's a snapshot of my trades today:
GS' daily chart showing today's candle (traded up my green channel indeed):
Wednesday, July 2, 2008
Pre-Market Analysis - GS 7/2 again
Think I see a Bullish Divergence too...gs could be going up towards channel's resistance in the next few sessions.
Was just looking at DOW's daily chart and noticed a long-legged doji followed by a hammer; on top of that, i see a bullish divergence. I'm seeing bullish signals. Job data looks really bad, and oil is hitting higher highs - throw in credit crunch issues and inflation concerns - and I see a downtrend that's continuing. If DOW goes up today, it'd merely be another correction.
Was just looking at DOW's daily chart and noticed a long-legged doji followed by a hammer; on top of that, i see a bullish divergence. I'm seeing bullish signals. Job data looks really bad, and oil is hitting higher highs - throw in credit crunch issues and inflation concerns - and I see a downtrend that's continuing. If DOW goes up today, it'd merely be another correction.
Pre-Market Analysis - GS 7/2
On GS 1 Jul 08
Candle for yesterday's session is sitting on the floor of the green channel that was drawn yesterday (see entry on GS 1 Jul 08). Candles are not forming any significant patterns - other than the tug of war that's going on between the bulls and the bears at higher than average volume in the past 3 sessions. Bears seems to be losing steam and bulls are making some progress..but given that yesterday's bullish candle closed so near to the low/close of the bearish candle 2 sessions before, I tend to think that gs' likely to trade quite flatly today.
Now, on non-farm payroll... Well, that's tomorrow, and I really think that the market has already priced in their expectations by now. So I'm going to skip it. Life's complicated enough.
Back to my daily chart above. I see a Bullish Hidden Divergence - which means that I can still assume that my green channel is reliable, provided that there's no surprise coming from the market or the US government...
Without too much else to rely on, and to make my life simpler, I'm going to give my channel a little faith ie. gs is not going to go down further. My gut feel (very bad words, I know. Can't help it. I haven't a crystal ball. Who does anyways??) is that GS' likely going to go sideways, with small bodies and within a moderate range of $4-6.
Ok, I'm done playing prophet for the day.
Candle for yesterday's session is sitting on the floor of the green channel that was drawn yesterday (see entry on GS 1 Jul 08). Candles are not forming any significant patterns - other than the tug of war that's going on between the bulls and the bears at higher than average volume in the past 3 sessions. Bears seems to be losing steam and bulls are making some progress..but given that yesterday's bullish candle closed so near to the low/close of the bearish candle 2 sessions before, I tend to think that gs' likely to trade quite flatly today.
Now, on non-farm payroll... Well, that's tomorrow, and I really think that the market has already priced in their expectations by now. So I'm going to skip it. Life's complicated enough.
Back to my daily chart above. I see a Bullish Hidden Divergence - which means that I can still assume that my green channel is reliable, provided that there's no surprise coming from the market or the US government...
Without too much else to rely on, and to make my life simpler, I'm going to give my channel a little faith ie. gs is not going to go down further. My gut feel (very bad words, I know. Can't help it. I haven't a crystal ball. Who does anyways??) is that GS' likely going to go sideways, with small bodies and within a moderate range of $4-6.
Ok, I'm done playing prophet for the day.
2692
Thanks, 2692, for your comments.
I don't know who you are, but based on how much you know, I'm guessing you're from within the circle.
I appreciate your advice. The result of my trades tonight is an indication that my state has not been affected ie. I've let live :-)
Thanks for having made my night. :-)
I don't know who you are, but based on how much you know, I'm guessing you're from within the circle.
I appreciate your advice. The result of my trades tonight is an indication that my state has not been affected ie. I've let live :-)
Thanks for having made my night. :-)
GS 7/1 (Trades)
4 Scalps for now (1st half of trading session). Time for a nice warm shower...
Today turns out to be a really nice day for both scalping and momentum trading. 2 divergences after 1225pm- one bullish, followed by a bearish - offered 2 very clear trends based on which one can make quite a killing during the 2nd half of the session.
Here's a snapshot of all my scalps today:
Today turns out to be a really nice day for both scalping and momentum trading. 2 divergences after 1225pm- one bullish, followed by a bearish - offered 2 very clear trends based on which one can make quite a killing during the 2nd half of the session.
Here's a snapshot of all my scalps today:
Tuesday, July 1, 2008
Pre-Market Analysis - GS 7/1
Daily Chart
I see a Bullish HIDDEN Divergence for the 2-day period 29-30 Jun, which I interpret as a possibility that the downtrend (pink channel) is ending
To help me visualize where GS could go, I've drawn an uptrend channel (dotted lines in green). I'm thinking that today could either be another day with a close that's not far off from the open (ie. GS' consolidating), or, a mildly bullish day with GS trading up and within my green channel.
As far as sentiments among the financial sector are concerned, nothing much has changed ie they aren't good. But I was telling D last night that because sentiments are so negative, contrarians will probably start going long, so will those who have been waiting to scoop up fair-value stocks especially if they think that financials have bottomed out. The industry is currently being monitored rather closely by regulators and several changes in policies have been imposed on them; some have taken the initiative to do something ie. reviewing corporate governance rules. All these at first glance seem to be taking the wind out of the industry's sails, but could just prove effective in winning back some investors confidence
Yesterday's very choppy session with relatively long bullish and bearish candles tells me that the views on financials are quite polarized now, mirroring those of the market in general.
So I'm going to shut up now and suggest that as scalpers, we make sure to watch our technicals, keep the news on (briefing.com is a blessing), always wait for price confirmation before even considering an entry, then check to see if indicators are telling consistent stories, and use at least 2 time-frames for entry and monitoring of our positions.
Also, watch the indices. Although sometimes i wonder which is leading which (market leading or individual stocks leading), and GS has this habit of not trending with the market, i still think it's a good practice to keep tabs on the movement of the major indices. For those who find it easier to look at changes in absolute value rather than percentage, simply enter the index's symbol on your trading window like this:
I see a Bullish HIDDEN Divergence for the 2-day period 29-30 Jun, which I interpret as a possibility that the downtrend (pink channel) is ending
To help me visualize where GS could go, I've drawn an uptrend channel (dotted lines in green). I'm thinking that today could either be another day with a close that's not far off from the open (ie. GS' consolidating), or, a mildly bullish day with GS trading up and within my green channel.
As far as sentiments among the financial sector are concerned, nothing much has changed ie they aren't good. But I was telling D last night that because sentiments are so negative, contrarians will probably start going long, so will those who have been waiting to scoop up fair-value stocks especially if they think that financials have bottomed out. The industry is currently being monitored rather closely by regulators and several changes in policies have been imposed on them; some have taken the initiative to do something ie. reviewing corporate governance rules. All these at first glance seem to be taking the wind out of the industry's sails, but could just prove effective in winning back some investors confidence
Yesterday's very choppy session with relatively long bullish and bearish candles tells me that the views on financials are quite polarized now, mirroring those of the market in general.
So I'm going to shut up now and suggest that as scalpers, we make sure to watch our technicals, keep the news on (briefing.com is a blessing), always wait for price confirmation before even considering an entry, then check to see if indicators are telling consistent stories, and use at least 2 time-frames for entry and monitoring of our positions.
Also, watch the indices. Although sometimes i wonder which is leading which (market leading or individual stocks leading), and GS has this habit of not trending with the market, i still think it's a good practice to keep tabs on the movement of the major indices. For those who find it easier to look at changes in absolute value rather than percentage, simply enter the index's symbol on your trading window like this:
GS 6/30 (Trades)
Havoc day, but it's been fun :-)
Momentum Trade
My first momentum (paper) trade:
Bot 10 GS Jul08 180 Put $8.30
Sld 10 GS Jul08 180 Put $9.06
Didn't capture a screenshot of the trade before logging out of the simulated platform and trade record was not there anymore when I logged in again...
Momentum Trade
My first momentum (paper) trade:
Bot 10 GS Jul08 180 Put $8.30
Sld 10 GS Jul08 180 Put $9.06
Didn't capture a screenshot of the trade before logging out of the simulated platform and trade record was not there anymore when I logged in again...
Monday, June 30, 2008
Pre-Market Analysis - GS 6/30
Am in the midst of putting up some sort of a tutorial material to share more about technicals with D, using GS as an example, since we are trading it actively anyways. (Besides GS, I'm also looking at RIMM, DRYS, MON, MOS and...
...ERHE - grotesque looking chart but I've to watch it coz someone in the family has been holding this for 3 years and I'm plotting to execute a swift exit on her behalf once I get D's greenlight to go ahead)...
Briefly on GS' very short-term trend
Everything I see tells me GS is continuing its downward move within the pink channel that I've drawn in my CCC (crazily chaotic chart). Not expecting GS to do anything out of the ordinary today. Been tuning in to CNBC (which was playing in the background as I worked) and haven't heard anything that's changed my view of where GS' heading in the next few days (I'm not going to think beyond that for obvious reasons - the market's irrational, common sense's not common, and Fed is erratic).
More on GS today maybe later if I can find time.
Today's D's birthday and I'm taking him out for dinner after he knocks off. For this year, instead of a proper hallmark card, I've made him a very personalized e-card (Seabloke, in the unlikelihood that you want to see it, you'll have to drop by with my favorite breakfast, coz I can't seem to send it out via email at all...I had to send the file to the folder shared by D and me and had him open it from there...totally spoilt the surprise...E&%(#%%&**....)
It's called an eye for an eye after he gave me an e-cake 15 years ago.
:-D
...ERHE - grotesque looking chart but I've to watch it coz someone in the family has been holding this for 3 years and I'm plotting to execute a swift exit on her behalf once I get D's greenlight to go ahead)...
Briefly on GS' very short-term trend
Everything I see tells me GS is continuing its downward move within the pink channel that I've drawn in my CCC (crazily chaotic chart). Not expecting GS to do anything out of the ordinary today. Been tuning in to CNBC (which was playing in the background as I worked) and haven't heard anything that's changed my view of where GS' heading in the next few days (I'm not going to think beyond that for obvious reasons - the market's irrational, common sense's not common, and Fed is erratic).
More on GS today maybe later if I can find time.
Today's D's birthday and I'm taking him out for dinner after he knocks off. For this year, instead of a proper hallmark card, I've made him a very personalized e-card (Seabloke, in the unlikelihood that you want to see it, you'll have to drop by with my favorite breakfast, coz I can't seem to send it out via email at all...I had to send the file to the folder shared by D and me and had him open it from there...totally spoilt the surprise...E&%(#%%&**....)
It's called an eye for an eye after he gave me an e-cake 15 years ago.
:-D
GS Story
On GS 27 Jun 08 (Fri)
After posting my entry at around 2am, GS went fairly flat and finally consolidated half an hour before market closed. Even though it moved up and down within a narrow range from 2:20am to 3:35am, I had chosen not to enter because the setup I was waiting for simply never appeared.
On the few occasions that D spotted an opportunity for entry, I would point out the reasons that I would not enter if I were him. It's simple for me: Once I see 2 elements that ruin my "perfect" setup, I'll stop counting and just not trade. More often than not, I welcome the chance for a break and will happily go for a stretch or a nice, warm shower.
I don't care about "missed opportunities". It's happened so many times: a nice long trend developed and I didn't do a thing. I know for a fact that had I gone in and made a killing, it would have had been a fluke if I had gone in without first seeing the setup for a proper entry.
GS Story
Anyways, at 9am on Sat (28 Jun), as I was about to do an AAR (After Action Review) on Fri's session, I noticed that D looked like he was rejuvenated enough for a brief tutorial on MACD. So I scrapped my idea of doing an AAR (ok, in all honesty, I doubt I had really wanted to do it in the first place...) and showed him how to identify divergences on monthly, weekly and daily charts.
About 2 hours into the session, D's attention started to dwindle and I was also getting really tired of listening to my own voice.
That was when I decided that putting everything in writing for him would be a better idea.
Something I forgot to mention- I had used a story-telling approach as I went about showing D the trends of GS since 1999 (when it went public). For me, charts always tell me stories. They are very much alive to me and I can look at them for hours and hours without taking my eyes off the screen. I draw lines and channels on them and insert comments and labels and I usually have to capture my messy charts and save them before clearing all the drawn items to draw new things for a different perspective on the same chart.
And below's a screenshot of my crazily chaotic GS daily chart for the period spanning Sep 07 - 27 Jun 08. This is the chart I'm using to tell D the story of GS when it was being traded during that particular period.
After posting my entry at around 2am, GS went fairly flat and finally consolidated half an hour before market closed. Even though it moved up and down within a narrow range from 2:20am to 3:35am, I had chosen not to enter because the setup I was waiting for simply never appeared.
On the few occasions that D spotted an opportunity for entry, I would point out the reasons that I would not enter if I were him. It's simple for me: Once I see 2 elements that ruin my "perfect" setup, I'll stop counting and just not trade. More often than not, I welcome the chance for a break and will happily go for a stretch or a nice, warm shower.
I don't care about "missed opportunities". It's happened so many times: a nice long trend developed and I didn't do a thing. I know for a fact that had I gone in and made a killing, it would have had been a fluke if I had gone in without first seeing the setup for a proper entry.
GS Story
Anyways, at 9am on Sat (28 Jun), as I was about to do an AAR (After Action Review) on Fri's session, I noticed that D looked like he was rejuvenated enough for a brief tutorial on MACD. So I scrapped my idea of doing an AAR (ok, in all honesty, I doubt I had really wanted to do it in the first place...) and showed him how to identify divergences on monthly, weekly and daily charts.
About 2 hours into the session, D's attention started to dwindle and I was also getting really tired of listening to my own voice.
That was when I decided that putting everything in writing for him would be a better idea.
Something I forgot to mention- I had used a story-telling approach as I went about showing D the trends of GS since 1999 (when it went public). For me, charts always tell me stories. They are very much alive to me and I can look at them for hours and hours without taking my eyes off the screen. I draw lines and channels on them and insert comments and labels and I usually have to capture my messy charts and save them before clearing all the drawn items to draw new things for a different perspective on the same chart.
And below's a screenshot of my crazily chaotic GS daily chart for the period spanning Sep 07 - 27 Jun 08. This is the chart I'm using to tell D the story of GS when it was being traded during that particular period.
Saturday, June 28, 2008
GS 6/27 (Trades)
3-Min scalp:
Bought GS Jul 08 180 Put $7.55
Sold GS Jul 08 180 Put $7.75
Exited TWS to let D trade before capturing my trade...
2nd scalp was a loss:
.JPG)
I'm thrilled though, coz it's my first experience at cutting loss.
What happened was that I entered at a point that was quite close to the support of my channel. I would have made a profit had I long the stock instead of a put.
Chose 180 put with a 0.4 delta because gamma was slightly higher than 185 put.
Bad choice. As price dipped, price of my put option was not catching up.
Although the setup was close to perfect, and 5min chart was agreeing with 10-min as I entered, stoch was in oversold region with a bullish cross over in the making and floor of channel was providing good support.
2 minutes into the trade, I noticed the bullish MACD divergence. I exited at a loss of $64 seconds later, immediately after the formation of a spinning top.
I'm happy. I could have lost all that D and I have earned today. I did not reverse my trade and buy a call though. I stuck to my rule and traded according to what appears to be GS' short-term trend. And I was mindful that I was scalping and I wasn't going to turn it into a day-trade just coz I couldn't bear to take a little loss.
At this point, D and I have pocketed a nice profit of $360 for the night, all in a few mins' work. Am now sipping coffee and waiting for an entry.
GS has tanked to 161.8 fib level since the beginning of its session and is now retracing to 61.8.
We'll see what happens next.
Bought GS Jul 08 180 Put $7.55
Sold GS Jul 08 180 Put $7.75
Exited TWS to let D trade before capturing my trade...
2nd scalp was a loss:
.JPG)
I'm thrilled though, coz it's my first experience at cutting loss.
What happened was that I entered at a point that was quite close to the support of my channel. I would have made a profit had I long the stock instead of a put.
Chose 180 put with a 0.4 delta because gamma was slightly higher than 185 put.
Bad choice. As price dipped, price of my put option was not catching up.
Although the setup was close to perfect, and 5min chart was agreeing with 10-min as I entered, stoch was in oversold region with a bullish cross over in the making and floor of channel was providing good support.
2 minutes into the trade, I noticed the bullish MACD divergence. I exited at a loss of $64 seconds later, immediately after the formation of a spinning top.
I'm happy. I could have lost all that D and I have earned today. I did not reverse my trade and buy a call though. I stuck to my rule and traded according to what appears to be GS' short-term trend. And I was mindful that I was scalping and I wasn't going to turn it into a day-trade just coz I couldn't bear to take a little loss.
At this point, D and I have pocketed a nice profit of $360 for the night, all in a few mins' work. Am now sipping coffee and waiting for an entry.
GS has tanked to 161.8 fib level since the beginning of its session and is now retracing to 61.8.
We'll see what happens next.
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