This rally is proving to be a difficult one to call the top on. At this point more upside is possible but it is too risky to go long and get caught by the rally finally putting in a top. All I can say is a top is very close. Since this is quarter end, big money fund managers may be pushing this rally higher and preventing it from topping in order to "window dress" their quarterly statements. They may be selling come April. A few more days of this market acting crazy may be in order.
Subscribe to:
Post Comments (Atom)
http://jackschartpatterns.blogspot.com/2009/03/rally-continues-on.html?showComment=1238214000000#c373371437384003368'> March 27, 2009 at 11:20 PM
Read "The mind of a day trader" for entertainment like no other:
http://www.carnuts.us/forum/viewtopic.php?f=35&t=113
(Big T)
http://jackschartpatterns.blogspot.com/2009/03/rally-continues-on.html?showComment=1238221200000#c7608749602271612289'> March 28, 2009 at 1:20 AM
Funny. Successful day trading takes discipline and that doesn't sound like the mind of an experienced well disciplined day trader.
http://jackschartpatterns.blogspot.com/2009/03/rally-continues-on.html?showComment=1238291580000#c3011359213213953251'> March 28, 2009 at 8:53 PM
It is comical because it is *realistic* of actual common behavior vs theories...
http://jackschartpatterns.blogspot.com/2009/03/rally-continues-on.html?showComment=1238305860000#c2337756921976083097'> March 29, 2009 at 12:51 AM
Have you read the book "Trading In The Zone" by Mark Douglas? It is a book devoted to this very topic. The hardest part of trading is learning to control your natural reactions to the market. This common behavior is the reason both traders and investors lose money in the market. The book is on my list of books I recommend reading on the right side of the web page.