The word of the week is….patience.
Last week on Thursday, I made some additional revelations which helped me to fine tune my system to enable capturing extended moves while reducing risk. Once I had analyzed the charts and made the updates, I logged back into the trading software to view the market real time- only to find out the market was closed for the night and Friday as well for the Good Friday holiday.
The week starts and I’m looking forward to trying out the changes made to my system, but the market doesn’t cooperate by remaining flat with little movement. Tuesday and Wednesday is more of the same with little to no market movement. This was the week Apple, Amazon, FaceBook, and other big name stocks were announcing their earnings for the past quarter, so likely the market was subdued in anticipation.
Thursday was better with movement, but my charts were messed up with all the “flatline” data from the prior three days. Friday was a good day with Thursday’s action making it possible for clearly charting opportunities.
Unfortunately just one day to check out my new methods didn’t provide a lot of time to get familiar with them and I wound up missing the best moves of the day, as in seeing what I “should” have done after the moves were already playing out. The good news is I was able to spot the moves rather quickly, albeit after the fact. Typically I have to spend time after the market closes going through the days market moves to see what I missed, so this is a nice change, and shows me what I need to focus on.
I wasn’t able to capitalize on my new strategy this week, but only due to my missing the set ups, which will certainly improve with further use and observation. Updates this week will lend to make my charting clearer to make the right set ups stand out more.
Looking forward to next week’s market action.