Monday, March 30, 2009

March 30, 2009 Monday Reflections on the Day

So far this was my worst losing day this month of 4 losing days. I got off to a bad start and stayed on the wrong side of the market for most of the day (e.g. tried to counter-trend a lot). There was actually only one good multi-layer support level that had good buyers (the 50 day sma, overlapping on the S1 weekly (floor trader) pivot, overlapping on the S3 daily pivot level) which happened around 3 PM New York time (there was some volume on the 3:09-3:12 PM 3 minute bar to confirm) and I missed that one. All other more minor support areas were like a creeping blob seeping through the cracks eventually to consume my stops :( I would just advise myself to observe more closely those days where there is say a big 24 point gap and see if the second 10 minute bar closes above or below the first ten minute bar, that would have made me reallize that this day was likely to be one of those trending days where opening range breakouts work well and there would not be a gap fill. OK back to taxes :(