Friday, June 14, 2013

Friday night wisdom

Truer words have probably never been spoken. Read this quote from Bramesh Technical Analysis:

"As a businessman, I have concluded that the only rational way to trade the markets is to trade a system. All of the hocus-pocus about predicting when this market will move, and how far, is just that—hocus-pocus. The people that make the big money are the ones who don't try to predict tops and bottoms but who consistently take a little out of the middle. The only logical way to do this consistently is through a well thought-out, well-designed system. It's a matter of good business sense."



Onto today's trading, it was a snooze fest, but managed to make some small profits. Was long ZB this morning into a nice bullish bar which met my target, and then ended the day with a short which I basically sat through the whole day, and then covered near the close for a small gain. I was almost stopped out on that short if the price had closed above '27, but it did not. Thats what I love about trading a system, you know exactly where you will be out, and that takes all decision making out of the picture. I'll post a chart tomorrow.

Update:

Here's the chart I promised, like I said - 140 '26 is now key to more upside, but if we break 139 '25, we should get a nice move back to retest lower levels.


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