Tuesday, February 4, 2014
Once again, using the AD line along side market internals was a true indicator for my style of trading. Who knew what to expect after a trending market yesterday. Were we to see a buying frenzy or a continued sell off? Either way the market was headed at the open, AD 750 got me in the trade today and kept me out of the chop.
To follow the charts posted in this video click here: Stocktwits
My discipline of trading is not to enter and exit as many times daily. It is a precision approach based on market internals and the opening range. I don’t listen to news. I don’t care about ALGO’s. All I look at is the chart in front of me with some select support/resistance lines that have proven true for my trading style. I watch the momentum and enter with a STOP to protect myself in the event that the market turns swiftly on my entry.
So rings true for today. My analysis is not of what happened overseas or in Washington. I reflect on why I chose the trade I did and what held me back from getting chopped up. Sure I miss some trades. I also would have been content not trading today. Discipline is what keeps me in line.