I went long on NQ.
Right after my entry, NQ did a major correction on 1-min chart.
At the same time, D commented that NDX is diverging from the other indices. Baffled, he went to the list of NDX components to see what they are doing.
Apple was down 2-3% - probably the reason that NDX dropped drastically.
Almost immediately after D found out what was moving NDX, CNBC reported that it was rumored that Steve Jobs had a heart attack, but that companies like Yahoo and Microsoft (Microsoft's Xbox is a smashing hit) were doing great.
I switched to my 30-min chart instead.
Decided that it's time to switch to a higher time-frame to filter out the noise (yes, rumor of one company's CEO having a heart condition in a sector that's generally doing well today is noise).
D and I went out for a smoke.
My unrealized LOSS was at $2000.
D had no idea I went long, coz I hardly take a long entry.
I told him about my entry when we were taking our breather. When asked, he replied he hadn't a clue why a bear like me would be bullish today.
I said because everyone's just too bearish. And on briefing.com, I've seen on a few occasions empty rows under sectors that had a gain.
Most importantly, you have a country that has been printing money like nobody's business wanting the market to go up by hook or by crook in an election year.
I have reason to believe that there'll be enough speculators betting on the long side to support an uptrend.
The bailout sequel is but icing on the cake.
Econ data (job data) was bearish AS USUAL - so routined that if the market were to pay any attention to it, it's probably only coz there's absolutely nothing else exciting happening, which is not what we are seeing these days. The market has been totally mesmeric!
Besides, the market LEADS the economy.
Yes, as a scalper, I am supposed to pay attention to news.
That's why I switched to a higher timeframe to get out of my scalping mode. Coz my conviction is strong, and if I can't trade my conviction on a 1min chart, it makes sense to me to zoom out and look at a chart that tells a bigger picture.
And what I saw on my 30-min chart was a double bottom (Sep 29 and Oct 2).
So, I came back from my break and NQ was climbing.
It was going towards my targeted 1550.
I exited before that, coz 1550 was just an arbitrary number that I chose below 1552 (a key resistance on my 30 min chart).
If it's arbitrary, I have no reason to insist on staying til NQ hit that figure.
I was looking at profit exceeding $1400, and NQ was not exactly going up all the way without retracing.
I decided to take what was definitely a decent profit, and close the trade, coz I was tired.
It's been a long day.
Al's not getting better - I'm hearing a new organ that's not working in perfect condition every time I visit - and his stay at the clinic has been extended.
Granny fell this morning - she suffered a massive stroke. I signed a form authorizing the hospital to administer a treatment that has its risks but was necessary to save her life. Was told an hour before market open that she's not likely to make it coz the entire right side of her brain has been damaged.
I'm tired from running around and tired from asking myself ceaselessly if I've made lousy decisions whenever it comes to life. Have I been getting my priorities all wrong? Why did i not visit the person who came to my rescue when I was penniless, alone, and owed a whole year's college fees in a foreign country as often as she had always loved me to?
Seabloke's much stronger. She was asking if the wake could be held at my place. And she said it had to be held Buddhist-styled with all the chantings that never fail to haunt me.
I find comfort in my charts, and a D that strokes my head and understands that my granny does matter to me.
Trade
Realized P&L
NQ 30min
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