Sunday, December 27, 2009

Clean Slate

Happy Post-Christmas Sunday to you TTW traders out there! Yes.. that went fast, didn't it? I hope you dear traders had a wonderful holiday with family and friends- as you deserve it!  Now it's time to play again for the next four days, so let's get down to it and look at some charts before they ring the bell in the morning. Zig Zag has updated a few of his T charts to share and I have a few other various things to keep an eye on going into this week. Rather than drag on about how it could be low volume, the big traders are probably still in Aspen skiing, etc. let's just trade what they give us without too many pre-conceived and contrived notions to thwart our attention or aims to make some money. My dad used to always have one last thing to say on Christmas Day and that was, "okay kids... Christmas is over, time to get back to work and pay for all of this." That meant him, (I knew who Santa Claus was) of course, but I can still hear him saying it after all these years and I admit... it does tend to make me want to roll up my sleeves and dig back in again even better than before. To him (and now passed on to me) it’s a matter of looking forward to a realm of possibilities with a positive mind-set, not wallowing in what could have been or should have been six trading months ago … only what can be up ahead when focus and good work ethic is applied.  If you have the ability to look forward you can like… yes even love what you do, and at that point, work becomes the means to an end, not the end of your means. One more item of importance that bears repeating from our very wise blog host, DDT, and could really serve us to clean the slate prior to 2010 and become resolution number one: "That is what bias did to us (yes, me including) it is surprising how WE - proud CHART traders - LOVE to talk FUNDAMENTALS otherwise why would we THINK that market HAD to go down???"  We'll always discuss the fundies obviously because that’s our nature, but a little more discipline with the charts surely couldn't hurt any of us, right? ;-) So with that, here we go, starting off with Zig’s charts (thank you Zig Zag!) and a few others to keep an eye on this week.

Screen shot 2009-12-26 at 7.08.21 PM Screen shot 2009-12-27 at 12.55.33 PM



DDT Here Dec 28th 11:30AM EST

With 20 comments I feel indecent to do new post, so just two variations of the same chart of SPX (due to studies not fitting on one chart – damn TOS)

Studies are variation of Bollinger Bands Squeezes – both point to strong move just around the corner and it is normally in opposite direction to the direction during squeeze (W%R hints the same)

Also (chart reposted from reply to WallFly) 162% fib right above (1135)

Time will tell…


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