Family Issues Monday

Where the hell was tradinginsider on Monday??

Sorry guys for no update yesterday. I got up and immediately had to get in a car and was taking care of family issues all day so I didn't even have time to look at the market. I will be back tomorrow morning.

I am also going to go through all of my issues and figure out where I stand. The market went against me huge and I have a lot of put options out there laungishing. But this is the stock market and not only is it about making money, its about how you deal with loss and making some bad calls.

And this is how I deal with it..the train rolls on. I realize that I cant do anything about big mistakes and instead concentrate on putting the train back on the track and watching the smoke and debris in the rear view mirror.

So what am I going to do about all those ailing puts back there? It looks as though that the market is going to be topping in the next 3-5 days, and when it starts to cycle down I am just going to have to jettson those puts and try to get whatever I can out of them, instead of just letting them expire at zero.

How did I make that mistake? Pride. I figured that I was making so much money that my timing was good based on my sixth sense that the market was "due" to turn so I stopped following the candlesticks. The candlesticks besides the news are almost absolute. They did a double reverse hammer reversal and then the next day they did ANOTHER double hammer reversal. Seeing that I wasn't following the candles, it was like I was walking around blind bumping into things.

So: Its back to hardcore candlestick analysis. And I am going to start fresh with this in the morning. What I am thinking is purchasing some puts early in the morning (providing that the premarket is up 15 minutes before open) and riding the market up tomorrow and selling the call right before close. I may do this for a few days before I see the new top signal.

That's all for now, my next post will have my prediction for tomorrows market based on my candlestick and technical analysis.

Tradinginsider