Wednesday, March 17, 2010

The Wearin' 'o the Green

St. Paddy's Day ushered in more of the green today, with the Dow making new recovery highs and ending the day to signal a Dow theory buy signal. I gave it some thought this afternoon, and how this has been a struggle for some of us to face every day, but I think I have found a new way to view it and put a positive spin to work. That's my nature, so sue me. If you're bashing yourself for missing most of this rally, well fine if you prefer to wallow in your error. But if you consider DDTs upper target he shared last night - 1300 S&P, count up the points you can trade from here to there! Sure, it's not 600 points, but it's profitable points by any estimation. The trick will be how you trade those points, and how careful you are with risk management. If the market never turned back from today without a single correction, that's still 134 points! Even more than that- the potential gains to be made from trading individual stocks could really be good to you, so if you're willing to do some homework and discipline your mind, the glass IS half full. This won't be the "easy" money, but it will spend just as well as that money does. The question you have to ask yourself is: are you willing?  Do you have the will?  Really think about that word. You can be "able" no matter what, but are you willing, because that's the key element. You have the power of choice, always. Believe it or not, that concept escaped me at certain points in my life, but I "get it," now. If you answer yourself no, then step away from the curb and take your toys and play elsewhere, you’re trading with one hand tied behind your back before you even begin. But if you say yes, then mentally discipline yourself. We have a good team of traders, of all sorts of knowledge and background, so if we can't navigate this together, then I don't know... There is no luck in a shamrock, you MAKE your own luck.  Okay.. let’s look at some charts, and I’m going to keep my bundle light tonight to leave room for DDT to add his in.

spy_3_17_weekly_1 iwm_3_17_001
tran_3_17 vix_3_17

Happy St. Patrick’s Day to one and all.  Enjoy some corned beef and colcannon,
and don’t forget the Guinness!  Make your own luck tonight, FX traders! 

Something a little lighter tonight… I love this Irish ballad. 
You guys will just have to suffer through it.  ;-)

   DDT here

Few up to date charts, nothing really changed in D-Wave world – 2 of major indexes still have AT LEAST 2 weeks for wave 5 on daily to "print" (satisfy minimum requirements – which is "highest of 34 bars" in this case)
Today's close placed $SPX above TD Risk Level on daily – in my books 2 consecutive closes above TDRL seal the move up.

$DJIA daily
(in unconfirmed w-5)
$COMP daily
$SPX daily
(in unconfirmed w-5)
2010-03-17_2027 2010-03-17_2034 2010-03-17_2036
The only lower timeframes chart that has been working last few days is 20min and today's midday profit taking was initiated right off parallel TDSequential/Combo Countdowns Sell 13
As always – don't forget to check the products of our sponsors – we have the best selection of cra..aa…  stuff in town!  AND – we do NOT have Elliot Wave InterCrook-A-national – dumped them as not deserving TTWers' time!
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