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ESZ8 10-17-08
While the market was volatile yesterday, it moved in more normal patterms than normal. It actually seemed like I was trading again.
Despite a plethora of bad news this week, today’s chart shows the market zig zagging along in a very tradeable pattern. You might also note that I have begun to post Multi=Charts/DecisionBar charts to show you some of the entry and exit points tht were available throughout the the day. As you can see there were plenty of long and short breakouts, and short failures that allowed for a profitable trading session, and an enjoyable one, too.
As usual, I will not even begin to comment on the dreadful spate of news that has plagued the financial markets, only to say that in all my years trading I have never seen such a mess. I am a reasonably non political fellow, or at least I won’t burden you with my political views on this blog, but I think I would be safe in saying that we have not seen anywhere near the worst downward moves in the market yet. For an excellent review of economic news I prefer to read the blog Calculated Risk to ascertain important economic insight and data. I am a trader, not an economist, like the guys over at Calculated Risk…the blog is just excellent and I highly recommend reading it.
