I hope you all had a good day. Ben you still on Big? Nice if you are. At least for me (perhaps I was just looking at the right stocks for a change) I felt like some life returned to the market. Below is a scan of what moved today and how it ended up.
If I may make an observation I would like to touch on something that Cabbie said last night something along the lines that perhaps day traders shouldn’t day trade.
FWIW , remember I’m still finding my mojo as a trader, but as I’ve touched on before I believe it is about being in sync with your timeframe, the ebb/flow and the corresponding results timeframe. It appears, at least to me, the DT thread is generally more of a very short term thread. What I mean by that is most posts, myself included, have charts with a daily interval, which is great for identifying the overall trend but little use to intraday traders. I always thought that day traders meant intra-day. It doesn’t really matter, but just set your expectations in line with chart interval you’re using. I guess what I’m saying is if your using a daily chart don’t often expect daily result rather weekly ones.
To that end I thought I’d paper trade THC today on the 1 min chart to see how I did. Seeing as the chart is/was new nothing but price / volume action to go on as no other indicators were available. It was fun and “profitable” for anyone looking to hone their skills I recommend trying it, especially in times of boredom. It wasn’t that hard as the trend was in my favour (probably a lesson there) but the chart and the analysis evolved over time as more data was available. It was interesting to see if I was right when I wrong, right when I was right, wrong when I was wrong or wrong when I was right if you can follow that. In case anyone is interested below is the chart.
Thanks for indulging my ramblings just thought I’d share my observation in a continuing effort to improve.
