Thursday, March 04, 2010

The Blinders

" A good rider can hear his horse speak to him, a great rider can hear his horse whisper, but a bad rider won't hear his horse even if it screams at him. "

Okay fellow traders, read that quote and replace every time it says "rider," with trader, and “horse” with chart. Do I think it's easy to put on the blinders and trade this tape sometimes? You know me better than that. It's the battle royal some days for me to take a leap of faith on the bull side. Some days it's like that game you play when someone says, lean back, I'll catch you as you fall. You either have to trust them, or trust yourself, and as traders we have to be both the one falling and the one catching the fall. End of Thursday lecture and pep talk mostly to myself. If I didn't enjoy blogging with all of you so much, I would be sorely tempted tomorrow to ban all news from my path of vision and within hearing distance tomorrow and just trade the charts as they move. So hard to do though, so very hard. But even a little bit of focus on just the charts and nothing else can make all the difference in the world to our profits.

Tomorrow's economic news is the Unemployment numbers before the bell - 8:30 AM. At 3:00 will be Consumer Credit numbers.

Before you look at the chart on /DX, I have to confess that when Osso made a post earlier today it was based on bad information from me regarding precious metal options expirations, so I am the source of the mass confusion on that issue, not Osso. my apologies to him. I based a date on some erroneous information I found last evening, but later today found this calendar for 2010. If any of you have a better source, or something for input, please share with the rest of us. TIA. I’m not sure how these expiration dates might help us in the future, but nothing ventured, yada yada.

dx_hourly_3_4 dx_daily_3_4
indu_3_4 qqqq_3_4
vix_3_4_a gdx_gld_3_4
spy_3_4 gdx_3_4

Good luck and good trading to our FX Traders tonight! It might be an interesting night for you! :-)

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