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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 689.17

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Dec 11 4:00 PM EST

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To: Dwight E. Karlsen who wrote (16422)	6/6/1998 8:11:00 PM
From: Temple Williams	Read Replies (1) of 69001

A day trader (or short-term position trader) going into this particular market "convinced" that such-and-such will happen ... resembles a warrior going into battle with a gun full of blanks. May look good. Might even sound good. But the end result will be a dead trader. If you have the slightest need "to be right" ... you will lose, probably sooner rather than later. Egos and trading accounts don't mix. Never have. Because it's hard to hear what a market is telling you if you keep shouting "I'm RIGHT! I know I'm RIGHT! See how clever I am!" So how can you take these obvious platitudes and make something resembling a trading strategy out of them? How can you wake up every trading day market neutral, ready to listen rather than roar, win rather than weep? I spend between 7 and 10 hours after every trading day's closing bell preparing roadmaps for the following day ... a "most likely" preferred series and a "next most likely" alternate series (16 roadmaps in all). They are not always opposing views, of course. But often they are. Regardless of my position in the market (I am an S&P Futures Trader ... Spoos are all I do), these voodoo wave roadmaps invariably force me into a state of neutrality that lets me listen to the market (particularly the whipsaw, choppy market we are now in) ... and win. Monday will probably be another good example of this. How do I know which roadmap to follow? I rarely put on a trade before 10 a.m. (Globex action sometimes creates an exception). I never put on a trade after 3:30 p.m. Naturally, I can exit trades in either of those time zones. But by holding off in the morning, I invariably discover the roadmap for the day. If neither the Preferred nor the Alternate falls into place ... I get the day off! Does it work? Yes. My free website shows recent trading results at skansearch.com and if you click the timelines in the chart on that web page, you can suffer through the real-time trading diaries (warning: there's a load of charts and stuff in the diary pages, so your computer might break out in a sweat while they load). And here's thumbnails of the 18-min bars charts for Monday ... great trading to all: skansearch.com

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