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Strategies & Market Trends : trading the QQQ -- Ignore unavailable to you. Want to Upgrade?

To: bernard rogers who wrote (377)	2/19/2002 6:16:13 PM
From: hypostomus	Read Replies (3) \| Respond to of 714

Countertrend trading was tough today. I didn't take any longs. At about 2:29 I was convinced that the blooodletting would resume and shorted, only to be taken out and to find that I was 30 minutes early. I like the fact that you use failed trades as the inspiration for new rules. Let me suggest that you consider something slower than the 5ma as a trend indicator. I find that the 15 period sma works in all time frames. Many authors recommend something faster, varying from an 8 ema to a 13 ema. Another thing you can do to spot a profitable upleg as opposed to just another bear flag is to look at the slope of an upmove relative to the typical slopes of the preceding down moves. If it is shallower, the smart money is reeling you in, IMO. You ever read Mark Douglas' books? Did me a world of good regarding seeing in my trades emotions like boredom, impatience, frustration, desperation, and vengefulness. Better, I think, to regret the trades you didn't take rather than the ones you did. My big problem is that I sit like a slug watching the continuing declines after a down gap and don't have the nerve to short early in the day. Please advise what other adjustments you make in your style. I find that just watching the market minute by minute reflecting on the action often is a day well spent.