Steve, Great explanation and context

    Posted by fundamentalvalues on 20th of Jul 2022 at 06:58 am

    Steve, Great explanation and context around what has transpired over the last three days. And for acknowledging how tough it is to forecast things day to day. I appreciate the focus you have kept consistently on taking things level to level and keeping an open mind as markets change. I've improved as a trader and have learned from you. 

    The comment that was in focus for me was in chart 5 of the SPX daily. "Again, targets are targets, it doesn't mean that every target is going to be fulfilled"  

    Huge statement for me keeping an open mind while staying balanced in the day to day for possibilities. Pretty cool to see the 4,220s area in focus as a fib. I highlighted that sometime ago when markets were bottoming in the 3,600s. That was the post where I joked the rally coming was going to have you growing bull horns haha 

    If I recollect correctly, the wave Cs are the waves that are most powerful and one can make stronger daily bets objectively. This is where patterns resolve after their pullbacks/consolidations. Some traders even wait for the wave Cs or days like yesterday, gap and go's to make their bets. I'm continuing to work on placing my trades at the most opportune times. Fastballs down the middle for me to take my best swing. No guarantees of course, though my risk/reward goes way up. That's all I can do is increase my odds for success and manage from there. 

    Really good what you said in chart 13 comment of SPX as well about getting caught up in being perfect and focusing on smaller time frames and keeping in mind the bigger picture (longer term or medium term time frames). This is the stuff that is challenging and bears repeating. Great reminders bear repeating. Really good what you said as well with their "always being fumbles along the way". It has to be kept in mind for me that there is a lot of information still coming out with earnings, the Fed, etc. 

    I don't play the game anymore where I'm expecting to capture every point on the index. I want to eat meat and not settle for crumbs. That means if I'm buying correctly ( usually on weakness for my style into support) then I can release inventory into resistances as they are achieved without as much risk. I don't play that coulda, woulda, shoulda deal anymore with thinking if I didn't keep the whole position for a whole move after the fact that I'm not trading right. It is all very personal and that isn't really fair to evaluate things that way from my view. If I'm making consistent profits and not being hurt, then there is always another day in the market. Over time I've developed more patience and learned to take my shots when the market provides them. No forcing trades and then getting upset when my expectations aren't fulfilled. 

    Evaluating each trade has helped me as well. Why did I enter where I entered? Why did I exit where I did on a portion or the entire amount? This is the required homework for me to improve. It has taken years to get better at trading. I've been most successful as an investor with long term swings buying the big selloffs and selling the big overboughts over the years in sectors/indexes. 

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