Enjoy Your Spanking!

I have to say that I’m mighty damn pleased with myself. Just this morning everyone was trying to get their bearings and my entire watch list seemed to by jumping all over the place. Crappy tape and everyone was on edge.

Confusion. Fear. Frustration. Over the years they have become my best friends, or at least let’s call them trusted allies. Pay attention when you come across any of them as those are those precious moments when the odds are in your favor – the problem is that very few of us are paying attention. We are too involved in our own emotions and interpretations. And it goes both ways – when I feel super confident and on top of my game I usually find myself getting spanked silly by Mrs. Market (hey – I’m not saying I’m not enjoying it).

In order to survive as a trader you must learn to embrace the pain. The worst thing you can do is to seek comfort, continuation, order, or regularity. Embrace chaos – accept not knowing – expect nothing.

Okay, and this is how I worked myself into getting positioned today. You remember how I pointed out that lower 100-hour BB yesterday – for me that was really the first line of defense for the bulls. So we got the bounce – what next?

You also recall that I pointed at 1844 as my inflection point – below that was bear territory – above it the bulls were back in the saddle. I was fortunate to wait for a close above 1844 and I got in at the end of the cross-over candle at 1844.5.

Now let me tell you why I’m donning this silly grin this afternoon. No, I do not think the bulls are out of the woodworks just yet, but we have a shot at greatness here and darn it – I intend to take it. First up we just may close above that weekly NLBL at (drum rolls) 1844 – yes, there was method to my madness. But wait, there’s more. We also may – just may – get a close above 1845.75 this Friday, which is the long trigger of a monthly inside period. One more session to go.

FWIW – the bears must be looking at that monthly panel and think to themselves ‘man that’s just not fair’. And yes, they would be right – it’s not – and that’s today’s lesson for you to ponder over 😉

I got one more goodie below the fold for my intrepid subs:

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Cheers,