The market struggled today and just zigzag its way till the close when it opened slightly above its Tuesday's close.

It is struggling to get off from the 13000 level.

I guess it might struggle further till next week.

A bull trap is in the offing?

That's what everybody is expecting.

The market formed an inverse head and shoulder or a cup with a handle pattern today when it drops at around 11:00 am. ET.

Was expecting the market to rally when it reach the critical level but it failed.

Lots of programs are contemplating on that 13000 level.

So that is where the battle is, let's see who's going to prevail.

Trading Performance Evaluations

As I am completing the four week program of the TopStepTrader.com Combine - that allows you to trade in their firm, provided you are going to meet their trading criteria.

Below are my lists based from my performance as I described and evaluated my sub-par performance to the best (or worst?) I can recollect.

Though there are no excuses (as a trader we must be responsible for all the outcomes in our trading), below are my notes as lessons and for future improvement.

1. There is significant emotional effect trading one contract (which I am used to) as compared to three or five contracts and you are tempted to trade more contracts to possibly meet the required profit of $5,000+.  Made lots of mistakes in trading big contracts because of the eagerness to meet the criteria and did a lot of scalping which I paid dearly because of (always) getting hit with the stops (and keep on re-entering the market without clear cut plans) that led me to pay more commissions. The lesson here is that I should not pay attention first with the target profit and should just have concentrated in putting good quality trades. This is the most common lessons aspiring traders commits, looking first for the money/profit instead of making a good trade setups.

2. I did not watch myself very well and I traded for the sake of trading which is a big no no in trading. Failure to watch yourself in trading is like "sleep walking in the railroad track" - that will kill/ruin your trading career. This is what you call "over trading", which I partly described in the first list.

3. Staying too much in the market? (partly because I sleep and breath the market)! Problem of not getting breaks in the market is like a "drug addict" looking just for fun and "going to heaven?". I should have learned how to pace myself in the market and make/treat it seriously as a business and not just for (partly) entertaining. Need to learn how to differentiate the market in a businesslike manner. This is what you call "staying balance in the market". I should have treated the program in a calm/relaxation manner (not overemotional and impulsive to make trades 'for the money'?).


4. Failure to adhere to the plans and did not exercise "iron" discipline. Should have stop trading when I should have. This is what you call "know thyself". Not knowing yourself and the limitations you absorb in analysing the markets and pushing yourself (to make more trades) to the limit is like punishing yourself to the fullest extent of your intuitive function (which according to IDT class, our brain function cannot process/perform 100%, just make your own conclusion please)? Also, fighting the tape is included here, like the temptation of putting trades to make it right instead of letting the markets do its 'wants'. Is that the ego?, yes it is wannabe' trader!


5. Not fully focus and motivated to the real purpose of the program, i.e., put some trades that are not necessary and without purpose.


These are the main reasons (seems they are all redundant?) based from my own analysis regarding my performance in the Combine program. I just don't know what my scout would rate my performance and I am looking forward to try it again.


The Combine program is a good challenge for any aspiring traders in improving one's skills. It will help develop your analytic performance in putting trade setups.


All in all, I find my experiences in the program as challenging, helpful, educational and fun.

Study And Practice

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The Kirk Report

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Study & Practice Posted: 28 Feb 2012 12:49 PM PST Here is a question recently received from a member… Q: I am a new trader with roughly nine months of experience. I work full-time and trading for me is very much a part-time hobby. For the past few months and since becoming a member, I have been devoted an average of one hour per day toward learning how to trade using both your site and a trading simulator. In your opinion, how should I properly prioritize my time between reading and learning (via your strategy reports, notebook, chart shows, recommended links and books, etc.) versus actual practicing (time spent on simulator) to gain the skills I need as quickly as possible? While I’m making very good progress as my results in my simulated trading are seeing steady and significant improvement, I would like to know your thoughts and whether you have any recommended rules of thumb to share with me. A: I must start by congratulating you on a number of things including the fact that you devote as much time and effort as you do, that you already understand the difference between learning and practicing to acquire trading skills, and that you’re using simulated practice trading at this stage of your early learning curve before putting real capital in play. I cannot praise you enough for the approach you have adopted especially during this early-stage of your learning curve. So, great job! It has been my experience, both personally and in my mentoring of other traders, that skill development in trading comes primarily from experience. While you can spend hours and hours reading and studying terrific books, magazines, blogs, tweets, and so forth, if you are not also then taking what you learn from those and actively applying them in real live market situations, then you are not doing what is necessary to get the experience you need. Trading successfully, unfortunately, is not a skill you can acquire by being a passive learner. As a rule of thumb – for every hour of study, you should be practicing at least the same amount. Those who I have personally mentored on average when we start out working together have shown that for every hour of practice, they typically spend about five times that same amount in study. That’s far too much unless you are just starting out and know almost nothing about how the markets operate. Unquestionably, at the very beginning you’ll certainly have to be devote a lot of study time than those with any level of experience, but the faster you ramp up the time and effort devoted to real practice the better off you will be. In fact, at first you won’t even really understand how to apply what you learn through books, blogs, etc. because you haven’t previously gained the experiences that put those lessons into proper context. For example, I can stress the importance of risk management to new traders and weighing technical setups in terms of probability analysis, but until they’ve been taken to the woodshed for a real beat down in the market, they won’t have a clue to its significance. This is why both practice and study must occur simultaneously. Through my mentoring, I also often have a unique perspective in this same regard as I track and watch their progress very closely. For example, I have a member now in my mentorship group, Eric, who averages over 80 simulated trades every single week. Another member, Timothy, who has similar amount of experience and skills to date with Eric in comparison only makes an average of 3 trades per week. Which one do you think will go through the learning curve more quickly and develop more skills? Of course, it will be Bob providing that he also finds time to dedicate an equal amount of concentrated focus figuring out why certain trades worked well and which ones did not and why. This is why you must engage in what is called “concentrated practice,” not just trading around randomly (a problem often seen in those who use simulators versus real capital in practice). So, on both accounts, there needs to be an equal balance here between both study and practice. Both must be present in equal amounts for proper skill development. Finally, once you acquired the skills and knowledge to produce profitable results in simulation, then you must move quickly into trading with real capital. As you will soon discover, while trading simulators will help you build skills rapidly at first, you won’t really know whether your strategies can actually work until you put real capital in play. A lot of methods look terrific on paper, but in practice they don’t work because emotion and stress becomes part of the equation. And as you’ll later learn, that’s really the most challenging part of trading once you have acquired basic skills and knowledge to trade well.

Be Adaptable!

The market barely moves today and not much edge to find a viable trades except to scalped it.

This is the problem while in the process of trading especially if you have no clear plans based from market conditions.

Unless you are a swinger, you don't need to panic making some gains when the market opens.

As a day trader, you need a clear cut plans what the market conditions brings.

You just don't need to trade for the sake of trading, and not confuse yourself that trading is for entertaining.

Unless you are doing it in simulation, but if for real there is a significant effect that affects your mind because of the involvement of emotions.

And learning to be adaptable based from current market environments is important.

The market made a dramatic reversal when it drops hard in the open.

A classic cup with a handle pattern if you are basing from multiple time frames.

This is a classic buy low sell high Wall Street common modus operandi.

The bulls are really determined to buy the deep whenever the bears tried to tumble the market.

The market continuous its bullish trend.

Let's be aware that a correction (profit taking) might happen anytime soon.

That's for sure!

About Trading From Charles Kirk

As an avid follower of Charles Kirk, I am sharing few essential notes about his trading that I've just taken from his latest interview.

* He began trading with a $2,000 deposit in 1993 and now trades with a $3 million dollar portfolio.

* Since 1999 he has been a self-employed, full-time independent trader.

* He said that in trading, "no matter how much effort you devote to your trading, success is never guaranteed."

* He mentioned that his edge, "comes from a combination of my work ethic (i.e. no one works harder or longer than I do), lots of experience and skill (I have been doing this for almost 20 years), and mental/psychological discipline (I have learned how not to fight myself or the market and/or trade out of ego)."

* "I am still a technical pattern focused trader - in other words I search for price pattern setups that offer good risk/reward properties and I trade those patterns as they develop."

* "In a market like this, you have to look for the patterns that setup and trade those patterns. In essence, keep it focused on the price action and the patterns that develop and not much else."

* "Professional traders know that it is not what you trade that is important, but how you trade it."

* "My focus is on price action, patterns that develop from it, and constantly searching for the best low/risk, high/reward opportunities while managing my risk at all times."

* "To trade successfully, you have to be street smart and that only comes from experience and working/developing your very own trading strategy."

* "Trading is observation, pure and experiential.'

* "Trading is more about knowing when not to trade, than it is about trading."

These are just few notes, to find out more about him, click UNDER RESOURCES. I highly recommend his site for the invaluable trading education he provides.

Probable Trade Setup

In this chart, I am showing a trade setup based from my own understanding in the market.

This is just for educational purposes and trading is about pattern recognition.

Once you learn how to recognize a pattern, you don't need those fancy indicators.

So let's begin a trade!

In this chart, I am showing the DIA, similar to the YM futures.

The market made a crazy move last Friday, even though it moves that way I find one probable setup that states below.

The two arrows are the entry and exit, and this is a short trade.

As you can see from the first arrow, it formed what they call the bear flag.

That's a sign that the market is now on a bearish trend.

The Entry: $129.65 - for a short sell

The Exit: $129.35  - for a cover

Gain: +$0.30 cents per share (that's a sure trade, if you sold short (you borrow from your broker) a 1,000 shares, that's equivalent to $300.00 in a span of half an hour?).

Not bad for a day's watching the market, isn't it?

What's That Pattern?

Sometimes the market gives you a puzzle that you can't ever imagine how the h??? the market is giving.

Like this Friday's early trading as shown below.

By just looking at it, unless you are a computer HFT or a Quant maybe - you can possibly trade it.

But for a discretionary, it needs a lot of guts and a suicidal to trade it?

That's where you can exercise discipline.

If the market showing you that you can't figure it out and you don't know what is giving you - "then don't do anything" as one great trader profess (Jim Rogers).

Stay on the sideline, find other instrument that you are capable to trade but don't make it a dozen.

Unless you are a fund manager, you can diversify.

But as a trader, just explore from a few probable instrument that you can master/familiarize and stick with it.

Don't be jack of all trades, master of none!

How To Trade The Markets?

A classical "v" pattern formation happened today in the market or an inverse head and shoulder? or a cup with a handle maybe?

Anyway you want it to make your own pattern recognition/formation it doesn't matter as long as you can trade and make money out of it, no question.

In the market, following others to make a trade is an exercise in jeopardy/futility as far as this "posted by" is concern.

That is why I am a follower of my own understanding of the market (when it comes to putting trades), except maybe in market psychology and trading money management.

In this chart shown today, if you are a graduate of Bachelor of Science in Prediction (BSPr, I just don't know where in the world's university is offering that), you can buy the market when it drops after the open for a long position and go somewhere else, take a nap maybe.

Then wake up/come back in your trading table and sell the market 1-minute before the close and you made a good trade.

Sometimes (or most of the time?) the market gives you a simple tradeable pattern but lo and behold, you cannot make money or you cannot trade it.

The answer to that is about psychology, emotions, fear, nervousness, getting involved in the market tick by tick that gives your nerve/pulse rate that the blood pressure monitor cannot recognize anymore.

That's how in the market, if you don't pay attention to yourself and reflect it the way the market works - it's just a waste of time sleeping and breathing with the market.

And to solve this kind of problem, getting involve in the market is vital coupled with discipline and management.

But practicing trading skills is non-negotiable, that is - if you want to be a better trader!

The Common Trading Mistake Nobody Wants to Talk About

by Darrin Donnelly on February 21, 2012

Traders often suffer from "Grass Is Always Greener Syndrome."

Jack Schwager interviewed dozens of the world’s most successful traders for his famous Market Wizards series of books. In The New Market Wizards, Schwager summed up THE critical element that separates good traders from bad traders:

“When asked to explain what was important to success, the market wizards never talked about indicators or techniques, but rather such things as discipline, emotional control, patience, and mental attitude toward losing. The message is clear: the key to winning in the markets is internal, not external.”

Few successful traders would argue with Schwager’s point.

Those who have survived the trading wars year after year will tell you how important the emotional elements are. They’ll tell you how hard it is to persevere during a brutal drawdown, how they learned the importance of staying humble during a winning streak, how the real money is made by having the discipline to wait for just the right moment, etc.

Even beginning traders learn quickly how brutal the emotional side of trading really is.
Not surprisingly, the demand for help with these internal factors has created a large industry of books and services focused on helping traders master their emotions.

These books and services have benefited many traders, myself included.

But through the years, I’ve found one common and devastating psychological issue consistently ignored. It’s what I call the “GIAG Syndrome.” That is, “the Grass Is Always Greener Syndrome.”
This GIAG Syndrome is actually an “effect” of all the internal “causes” traders struggle with. It’s a RESULT of worry, stress, fear, lack of discipline, and anxiousness.

It works like this. A trader hits a losing streak, suffers a drawdown, or just gets plain bored with his recent trading. So, he goes searching for an answer to his “problem.” This answer, the trader believes, lies in finding a new system, guru, or overall trading philosophy.

Instead of trying to solve the internal issues that are creating this urge, the trader erroneously thinks that the problem is the system. The day trader becomes a swing trader, the technical trader becomes a value trader, the stock trader becomes a Forex trader, and so on. Whatever the trader was doing before is no longer working and the new system or guru that has caught his attention would be a much better fit, so he thinks.

This is a losing battle because the trader is trying to solve an internal problem with an external solution.

Ironically, a lot of the well-intentioned books and services that aim to help traders with their internal game actually end up ENCOURAGING the trader to go down this “grass is always greener” external path. They tell traders to go out searching for the system that is just right for them. They tell traders, “There’s one strategy out there that you are meant to trade and once you find this perfect fit, you’ll be effortlessly in-sync with your internal bliss.”

Unfortunately, this causes traders to embark on a never-ending search for the system that fits just right; their own little “Holy Grail” of trading. And thanks to all the financial news and aggressive Wall Street marketing, there will always be an endless supply of trading systems with greener-looking grass just around the corner.

But isn’t there some validity to this advice? Isn’t it extremely important for the trader to find the right system that fits their lifestyle and their personality?

Absolutely. But chances are, you’ve already found it.

Sure, you don’t want to blindly jump into some unproven and over-hyped trading strategy that you stumbled upon when surfing the Internet or browsing a magazine. A little common sense and a lot of thorough research is a must before committing yourself to a trading system.

However, if you’ve been seriously following the markets for any longer than a year or so, chances are high that you’ve looked into a few different strategies and found the one you’re most comfortable with. At the very least, you’ve found the overall trading philosophy that is most appealing to you.

You won’t hear many “gurus” tell you what I’m telling you, which is to stop trying new systems.

The reason you don’t hear this is obvious. Like many other traders, I offer a newsletter that adheres to a specific system (the “Darvas System,” in my case). If you’ve stumbled onto this article, you may in fact be open to trying a new trading system. Yet, here I am telling you that trying a new system – even if it’s MY system – is highly unlikely to solve the trading problems you’re dealing with!

Regardless of this fact, I think it’s hugely important to acknowledge this problem among traders.

To sum it up: If you’re not getting the trading results you want, the system you’re already trading is more than likely NOT the problem. The problem is much more likely to be internal, which can’t be solved by changing your external strategy.

Sure, you want to be certain you’re trading a strategy that has been proven to work and not something being sold right next to the snake oil ads. But once you’ve found a strategy you like and you know it works, stick with it.

Don’t blame the system when you should be blaming yourself.

4 Lin-sane leadership lessons

By René Shimada Siegel | Inc – Wed, Feb 22, 2012 1:26 PM EST

In business terms, Jeremy Lin is the underdog that took on the 800 pound gorilla and won. Here's what entrepreneurs can learn from him.

Lin-sanity, they call it.

On Sunday, February 20, the Knicks played the defending-champion Dallas Mavericks. Jeremy Lin was again on fire, scoring 28 points with 14 assists and five steals, and leading the Knicks to a 104 to 97 win. In business terms, we could think of Lin as the start-up that has the determination, drive, and ingenuity to take on the 800 pound gorillas in its market -- and win.

After all, as recently as January 4, Lin had posted this to his Facebook page: “Everytime i try to get into Madison Square Garden, the security guards ask me if I’m a trainer LOL”

Every once in a while somebody like Lin comes along and defies all the stereotypes. They deliver in such a spectacular and graceful way that you can’t help but admire them. How has this young man inspired so many in such a short time? And as business leaders, what can we learn from him?

Passion and drive trump genetics and environment. What’s the NBA-sized goal for your business -- and do you have the drive to get there? Nobody ever expected Jeremy Lin to become a world-famous basketball player. Yet he was determined,and patient, against remarkable odds. His parents are of Taiwanese and Chinese descent, both 5 feet 6 inches tall. Lin managed to graduate from high school without being offered any athletic scholarships, and didn’t make the All-Ivy League First Team until his senior year at Harvard. Against all odds, he worked hard and never gave up on his dream of playing in the NBA.

Maintain focus. Despite all the Lin-sanity, Jeremy has not been distracted by the hype and attention, at least so far. He remains humble and spiritual. After a loss to the Hornets, Jeremy posted, “gotta learn from my mistakes and move on to the next one.” He’s always focused on improving his game, working with special coaches to hone the style of shooting that lets him drop a three-pointer over Mavericks star Dirk Nowitzki—who towers over Lin by nine inches.

At Harvard and even now, Lin has heard bigoted jeers about his Asian heritage. Believe it or not, ESPN used the headline “Chink in the Armor” on its mobile site after Lin had nine turnovers in New York’s loss to the Hornets. “I don’t think it was on purpose or whatever, but they have apologized and so from my end I don’t care anymore,” Lin said in a TV interview. For entrepreneurs, the lesson is clear: Never let ignorant non-believers get in your way.

Share the glory. Jeremy is not only humble, he’s very smart. Despite all his talent he’s the first to recognize the importance of a team. As an entrepreneur, you may be fortunate enough to be singled out for your success. It’s critical to recognize the people who enable your success and keep it on track every day.

Lin’s a generous player who makes his teammates better, sharing the ball and the glory. “This team is so unselfish and has so much heart,” he posted on Facebook. “Love playing with them!” Does your team know how much you love playing and working with them, too?

Avoid personal fouls. In business it’s tempting to charge ahead recklessly. Many professional athletes disrespect their opponents, bad-mouthing them and throwing their weight around. But Jeremy plays with focused determination, a team approach, and a humble and passionate nature -- the same characteristics that inspire customers and employees.

Now I’m no basketball player -- and a few inches shy of 6 foot 3 -- but I do know smart business owners can achieve amazing feats of success when they play heads-up ball.

The market made an early reversal when it drops in the open.

The bulls are so determined to overcome the bears overwhelming pressure to bring down the market.

Alas, whenever they bring down the market, the bulls are always ready to counter.

Like in today's market as shown from the chart, you can see the bulls determination to react forcefully  whatever the bears are trying to bring in the table.

Two trade setups are viable today, one when it made a reversal at around 10:00 am. ET.

The other when it consolidates at the range 12960 level.

If you are basing on a shorter time frame say 1-min. chart, it formed a cup with a handle pattern.

So You Wanna' Trade Without Capital?

Been three weeks into the "Combine" trading program of the TopStepTrader and I find their program  very important in developing how to become a discipline trader.

It monitors your performance and tracked your trading records that will help you correct your mistakes and what areas are you going to improve.

Been trading for a while and been looking/searching for years how can I possibly trade without capital and at last I stumble into their site and I find their program encouraging and real.

You just have to adhere with their trading criteria and will not only help you become a better trader it will also shape your trading career in the future.

I highly recommend TopStepTrader (click on the link under THE RESOURCES) for those aspiring futures trader and find out their Combine program.

The market made a u-turn again after it drops in the open.

Short sell in the open and buy long in the consolidation are the two sure trades today.

But trading and spotting them needs a lot of patience and concentration.

5 Qualities of All Great Traders

By Guest Author - February 21st, 2012, 7:30PM

1) Loss cutting: Trading has this amazing historical footnote: If you study the great traders throughout history, they all share the same statement as their number one rule: CUT YOUR LOSSES! Capital preservation “keeps you in the game.” It is especially important once you understand the math: a 25% drawdown requires a 33% gain to get to break even; Down 33% means you need to rally 50% to get back to square one; As we saw in 2008-08, a -50% loss requires a +100% gain to get back to even. In sports “Defense Wins Championships.” The same goes for stock trading. Most traders need to focus more on defense.

Even Warren Buffett understand the traders credo: “The first rule of investing is don’t lose money. The second rule is don’t forget Rule No. 1.

2) Confidence: There is nothing worse than seeing a great opportunity but not having the courage to “pull the trigger” and execute the trade. Freezing up due to fear does NOT happen to great traders. These thoughts don’t even enter their mind because they are confident in their plan. They know wht they will do if the trade goes their way, and perhaps more importantly, they know what to do if it goes against them. Confidence cannot be taught. It comes from making decisions, taking action, and learning from experience.

3) No ego: Successful traders may have big personalities, but they separate their ego from their trading. They might have serious conviction behind their positions, but when the market proves them wrong, they don’t argue with it. They simply move on and accept it.
Two things I never argue with: the stock market and women. Both of them are smarter than me, and both are always right! (BR: Spoken like a married man)

4) Consistency: The best at anything are the best because they are consistent. Michael Jordan isn’t considered the best basketball player ever because he scored 30 points ONCE in a game. It’s because he averaged 30 points per game over his ENTIRE career.

Traders should not obsess with their day-to-day profit & loss. Rather, they should shoot for consistent positive months, quarters, and years with minimal draw downs. You do not want to be the “boom and bust” trader who does well in a strong market but gives it back during market corrections. These guys are a dime a dozen and typically get blown out of the market at key pivot points (Last cycle, I knew a few who became mortgage brokers — how is that for timing?)

5) Students of the market: Successful traders NEVER get complacent. They are always eager to learn, constantly looking to improve their skills.
One way to improve is through post analysis of your trades. It is important to look at your numbers and make sure your losses are smaller than your gains.
For technical traders, studying your entry points and looking at charts that worked (and didn’t work) is part of the constant learning experience of becoming a confident and consistently profitable trader.
~~~
Fahmy holds seminars for active traders who want to improve their returns. Readers of the Big Picture who are interested will get a $500 discount on the full day event. Go to TradingBigWinners.com and enter the promotional code: “bigpicture500” for the New York (3/3) seminars. I will be discussing trader psychology and cognitive errors at this seminar.

After the market made a u-turn when it opened high, it just stay idle/sideways within the 13000 level which is the highest points since 2008 as reported.

It formed a head and shoulder pattern, a sign that a bearish trend is in the offing at around 1:30 pm. ET.

Trading the market for long when it made a u-turn and shorting the market at 1:30 pm. ET are the two viable trades that can be initiated.

But trading them needs a lot of patience.

The market made a u-turn after it went up in the open only to go down due to early profit taking.

Taking the advantage at buying low selling high was the right trade today by taking/anticipating the trade when it consolidates at the bottom.

The market gap up as shown from this chart in the Globex market due to positive news coming from China and the looming decisions from the Greek parliament regarding their debt dilemma.

I have this convincing sentiment that it will continue its upward momentum come regular open tomorrow.

Trading and Psychology, What Traits Equate to Success?

Guest Post by Tom Cleveland of Forex Traders

Investors and traders alike are instructed early on in their training that success depends on three fey factors – knowledge, experience, and emotional control. While the first two items can be approached in a straightforward manner, the latter factor, the psychology of dealing with risk and reward when real money is on the line, is one of those “muddy snowballs” that no one quite knows how to handle or master in a step-wise fashion.

As a result, we listen to what is necessary to cope with the issue, but do we really “hear”? When we trade from our emotions and then ride a “loser” for all it is worth, we know that we have violated the cardinal rule of trading. Yes, we abandoned out trusted system, we cancelled our stop-loss order, and we were sure the fundamentals favored our position. The market, however, did not agree, yet we continued to hold onto our position, refusing to accept a loss until it was so large that we had to gulp and exit.

Sound familiar? Psychologists would tell us that investing has nothing to do with feeling like a loser, but everything to do with how we manage decisions related to risk and how we decouple that experience from the concept of loss. If we must view risk in a different way, then what characteristics support that type of thinking? Here is a brief list of psychological traits that successful traders possess:

1) How do you handle mistakes? If you were shamed early in life, then mistakes may threaten your personal sense of self. Successful traders understand that mistakes are part of the game. Mistakes do not reflect on your inner core. The errors are due to actions in the market. Your role is to accept them and adjust quickly, not take them personally. Learn from them, and move on;

2) How do you approach decisions? If you enjoy the intellectual challenge of interpreting the nuances of your trading system and how it applies to current market conditions, then you are a step ahead in the game. Focus on the components of the decision at hand, and try not to be overly concerned with the potential for loss;

3) How do you deal with denial? Some denial is actually good, if it allows you to concentrate on the decision in front of you, rather than become overly consumed by the fluctuations in the market. Your faith in your trading system and routine must trump any undue feelings of anxiety about what you may lose. Confidence will accrue if you follow your process;

4) Do you trade in isolation? Trading can be a highly individualized activity, leaving little room for diffusing emotional tensions. Studies have revealed that many investors handle the concept of loss better if they share strong emotional ties with another person. Having a reliable relationship bond with someone else can actually improve your creative activities by providing emotional support for you sense of self;

5) Lastly, do you feel like an outside observer? Many successful traders actually regard themselves as somewhat different than the general population, following the beat of a different drummer, so to speak. They have developed confidence in their own abilities, and, although they are not loners, they are not followers either. They have learned to trust their own judgment and display a modicum of skepticism.

“Know thy self” is the mantra to follow before embarking on any active trading regimen. If the traits above ring true, then stop questioning your ability and focus on your trading system and logical decision-making process.

Be Selective In Putting Trades

The market (YM) made a dramatic move upwards today only to lose its momentum and stay idle (choppy) halfway through the trading day.

It tightly consolidates from thereon without any clear indication where it is heading because the two other core index (Nasdaq, NQ and the S&P, ES) made a dramatic drop after they surge in the open.

For most three hours or so into the trading, you can't get any idea where or what trades you are going to initiate, either a long or a short.

That is where patience and sitting tight is the virtue in trading.

If you are patient enough, you can trade YM at around 1:00 pm. ET. for a long trade.

You can spot the consolidation between 12:00 noon to 1:00 pm. as you can see from the chart and the obvious small body bars that consolidates tightly.

Placing too many trades without any clear picture is one cause that depletes account because of commission costs, thus it is necessary to put trades that are highly probable and be selective.

Trade What You See And Not What You Think

The market went up clearly Thursday and by just looking at it (the chart below), buying at the open and selling at the close is the crystal clear to trade.

But when you are in the market tick by tick, you cannot spot the outcome the way you can conclude as shown from the chart.

That's where you as a trader, it is important to read the market's mind, and not imposed how your (as a trader) mind/will imposed to the market.

That's exactly what happened with my trades, kept imposing how "my mind" will work where the market goes - not the other way around (let the market do its thing, and ride with it).

Trading is simple but its not easy!

That is, if you let your "own" mind play by yourself imposing your will where the market goes is an exercise of bad trading practice.

So next time around, trade what you see and not what you think!

In Trading, It is Also Important To Watch Yourself

The market drops today even though there are some positive news about the Greek problem, Chinese pledge and some economic calendar events.

But for some other reason, the market went south and the unfavorable minutes of meetings that came out from the Fed.

Today's market was a bit tricky to trade.

The market leap vertically in the overnight session and drops like a falling debris from the outer space.

Unless you have a crystal ball or a psychic that can predict where the market goes, it's all about riding it and anticipating where to find a good location to trade.

In this market environment, it's not enough just to analyze the market itself.

It's also about watching yourself how you will react and exercise good psychological judgment when and how you get involve in the market.

Unless you can psych yourself mentally, getting involve in the market without any plans and purpose is like torturing yourself to hell.

That's why in trading, it is important that you are mentally prepared, be alert, and most of all - be disciplined!

Following your plans without discipline is not enough to trade well.

Though trading cannot be perfected, it's all about how you manage yourself mentally too.

Trading is not just about putting trades, watching yourself how you react with the market movement cannot be overlooked.

An Ugly Valentine Trading Day (No Love For The Market)!

An ugly market trading range today.

Other than choppiness, the market went down from positive open and did not recover.

It still getting buried from the mud (as of this posting) and there's no clear indication it will rise up.

Same story from yesterday's trading range.

It's another "scalping" type of trade for the market.

This is the type/kind of market that is supposed to be studied carefully before putting trades, unless you are seasoned enough, you will get burned totally without recognition.

Trading 'recklessly' today is an exercise in futility, and if you don't practice discipline, you will be the loser.

Just wait for another day, anyway the market will always be there.

The important thing is you can still trade the next day.

Wait for the market to settle down (if it will settle?), or when the conditions suits your personality in trading.

Practice like a doctor to trade well

By Jeff White

Struggling traders are always asking about various indicators or whether they should be watching 15-minute candles vs. the VWAP. They'll give their left leg just to gain some kind of an edge, but they're missing the boat when it comes to lasting improvement. If only trading could be easy!

Trading itself is not a complicated subject. You can certainly make it complicated by piling studies onto your chart or reading the endless opinions of analysts, but none of that translates directly into profits. In order to get those, there's one thing you have to do. At the risk of stating the obvious, let me remind you of the incredibly simple goal for any trader: to sell at a higher price than you buy.

For whatever reason, that just isn't fancy enough for some folks. Complicated, to them, is better. Never mind the notion that the difficult part of trading boils down to doing just two things very well - closing out bad trades quickly and staying in good trades as long as possible.

It's no surprise that the great traders are continually fixating on how to do those two things better. They care not about making their charts look prettier or how they can add another screen to their desktop or relying upon some software enhancements to help them turn the corner. All that matters to the best traders is to focus on the things which add to their bottom line. Naturally, they spend their time honing the two skills of exiting losers and staying in winners.

Remember to Practice

I know a few doctors, and each of them refer to their business as "a practice." They're highly qualified, they've been through years of formal education, they've passed intense exams and they've for years been called "Dr."

So why do they say they practice medicine ? Because they're constantly learning. They're still being educated - not in a classroom, but through real-life patients who are counting on them for help in healing. Yes, they embrace the challenge, and yes, they have seen many of the same cases before. But it doesn't stop there, because for them for them to succeed they must rely partially on what they've already been taught, while keeping an open mind for what may work better with reduced risk to the patient.
Traders would do well to adopt a similar mentality.

Maybe you've attended the market's School of Hard Knocks, or maybe you had a mentor show you the ropes. Your background as a trader is somewhat important, but it's not everything. It might make you some money this month, but in a few months or a couple of years, if you haven't figured out how to make adjustments in a changing market, you're done.

Instead, consider the following mindset. Each day, what if you prepared as fully as possible and then executed your plan with complete discipline? Those are important tasks which every trader should be doing. But it cannot stop there.

In addition to those basics, what if you continually asked yourself how you could have detected signs of trouble in your losing trades sooner in order to trim those costs of doing business? And perhaps most importantly, what if you constantly looked for ways to stick with your best trades longer? Don't you think you'd see some consistent growth not only in your account, but also in the intrinsic rewards of better trading?

I'm confident you would.

With that in mind, approach your trading carefully. Use indicators as confirmation of what the price action is already telling you. Alignment of the indicator stars may never happen, and even if it does, that will only provide you with an entry for your next trade. Think big picture, and always keep in mind what's most important in your trading - both in the near term and for the long haul.

I can tell you it's not a magic bullet, it's not a faster PC and it isn't some fancy software that gives you red and green arrow signals. You just have to reduce the damage of losing trades as much as possible, and maximize the winners. Plain and simple, but it takes practice.

No Need To Be In The Market All The Time!

The market made a nice move early in the Globex market only to chopped it up in the regular open.

Unless you can read the market's price action, you will get burned and will turned your pocket full of dust with your trades.

Profit taking was the order of the day when the market opened that lasted for almost the whole trading day.

I didn't find any highly probable setups to trade today unless you scalped the market which will make your head turned spinning due to choppiness.

Today's market are for the highly sophisticated energized traders boosted with adrenaline induced monster decisions.

Unless you have that kind of qualities, your trading will get massacred.

That's where discipline counts in trading, you cannot just be in the market all the time.

As they said, trading the market all the time are for the fools and the gamblers.

The market (YM Futures) gap up from this Globex market as is opened in the afternoon.

As I mentioned from my Saturday's post, it might bounce.

And partly due to the positive action coming from the Greek parliament.

Let's see in the regular open if it will continue.

10 Steps To Building A Winning Trading Plan
By Matt Blackman | Investopedia – Fri, Feb 10, 2012 3:51 PM EST

There is an old saying in business: "Fail to plan and you plan to fail." It may sound glib, but those who are serious about being successful, including traders, should follow these eight words as if they were written in stone. Ask any trader who makes money on a consistent basis and they will tell you, "You have two choices: you can either methodically follow a written plan, or fail."

If you have a written trading or investment plan, congratulations! You are in the minority. While it is still no absolute guarantee of success, you have eliminated one major roadblock. If your plan uses flawed techniques or lacks preparation, your success won't come immediately, but at least you are in a position to chart and modify your course. By documenting the process, you learn what works and how to avoid repeating costly mistakes.

Whether or not you have a plan now, here are some ideas to help with the process.

Disaster Avoidance 101
Trading is a business, so you have to treat it as such if you want to succeed. Reading some books, buying a charting program, opening a brokerage account and starting to trade are not a business plan - it is a recipe for disaster. "If you don't follow a written trading plan, you court disaster every time you enter the market," says John Novak, an experienced trader and developer of the T-3 Fibs Protrader Program.

Once a trader knows where the market has the potential to pause or reverse, they must then determine which one it will be and act accordingly. A plan should be written in stone while you are trading, but subject to re-evaluation once the market has closed. It changes with market conditions and adjusts as the trader's skill level improves. Each trader should write their own plan, taking into account personal trading styles and goals. Using someone else's plan does not reflect your trading characteristics.

Building the Perfect Master Plan
What are the components of a good trading plan? Here are 10 essentials that every plan should include:

Skill Assessment
Are you ready to trade? Have you tested your system by paper trading it and do you have confidence that it works? Can you follow your signals without hesitation? Trading in the markets is a battle of give and take. The real pros are prepared and they take their profits from the rest of the crowd who, lacking a plan, give their money away through costly mistakes.

Mental Preparation
How do you feel? Did you get a good night's sleep? Do you feel up to the challenge ahead? If you are not emotionally and psychologically ready to do battle in the markets, it is better to take the day off - otherwise, you risk losing your shirt. This is guaranteed to happen if you are angry, hungover, preoccupied or otherwise distracted from the task at hand. Many traders have a market mantra they repeat before the day begins to get them ready. Create one that puts you in the trading zone.

Set Risk Level
How much of your portfolio should you risk on any one trade? It can range anywhere from around 1% to as much as 5% of your portfolio on a given trading day. That means if you lose that amount at any point in the day, you get out and stay out. This will depend on your trading style and risk tolerance. Better to keep powder dry to fight another day if things aren't going your way.

Set Goals
Before you enter a trade, set realistic profit targets and risk/reward ratios. What is the minimum risk/reward you will accept? Many traders will not take a trade unless the potential profit is at least three times greater than the risk. For example, if your stop loss is a dollar loss per share, your goal should be a $3 profit. Set weekly, monthly and annual profit goals in dollars or as a percentage of your portfolio, and re-assess them regularly.

Do Your Homework
Before the market opens, what is going on around the world? Are overseas markets up or down? Are index futures such as the S&P 500 or Nasdaq 100 exchange-traded funds up or down in pre-market? Index futures are a good way of gauging market mood before the market opens. What economic or earnings data is due out and when? Post a list on the wall in front of you and decide whether you want to trade ahead of an important economic report. For most traders, it is better to wait until the report is released than take unnecessary risk. Pros trade based on probabilities. They don't gamble.

Trade Preparation
Before the trading day, reboot your computer(s) to clear the resident memory (RAM). Whatever trading system and program you use, label major and minor support and resistance levels, set alerts for entry and exit signals and make sure all signals can be easily seen or detected with a clear visual or auditory signal. Your trading area should not offer distractions. Remember, this is a business, and distractions can be costly.

Set Exit Rules
Most traders make the mistake of concentrating 90% or more of their efforts in looking for buy signals, but pay very little attention to when and where to exit. Many traders cannot sell if they are down because they don't want to take a loss. Get over it or you will not make it as a trader. If your stop gets hit, it means you were wrong. Don't take it personally. Professional traders lose more trades than they win, but by managing money and limiting losses, they still end up making profits.

Before you enter a trade, you should know where your exits are. There are at least two for every trade. First, what is your stop loss if the trade goes against you? It must be written down. Mental stops don't count. Second, each trade should have a profit target. Once you get there, sell a portion of your position and you can move your stop loss on the rest of your position to break even if you wish. As discussed above, never risk more than a set percentage of your portfolio on any trade.

Set Entry Rules
This comes after the tips for exit rules for a reason: exits are far more important than entries. A typical entry rule could be worded like this: "If signal A fires and there is a minimum target at least three times as great as my stop loss and we are at support, then buy X contracts or shares here." Your system should be complicated enough to be effective, but simple enough to facilitate snap decisions. If you have 20 conditions that must be met and many are subjective, you will find it difficult if not impossible to actually make trades. Computers often make better traders than people, which may explain why nearly 50% of all trades that now occur on the New York Stock Exchange are computer-program generated. Computers don't have to think or feel good to make a trade. If conditions are met, they enter. When the trade goes the wrong way or hits a profit target, they exit. They don't get angry at the market or feel invincible after making a few good trades. Each decision is based on probabilities.

Keep Excellent Records
All good traders are also good record keepers. If they win a trade, they want to know exactly why and how. More importantly, they want to know the same when they lose, so they don't repeat unnecessary mistakes. Write down details such as targets, the entry and exit of each trade, the time, support and resistance levels, daily opening range, market open and close for the day and record comments about why you made the trade and lessons learned. Also, you should save your trading records so that you can go back and analyze the profit or loss for a particular system, draw-downs (which are amounts lost per trade using a trading system), average time per trade (which is necessary to calculate trade efficiency) and other important factors, and also compare them to a buy-and-hold strategy. Remember, this is a business and you are the accountant.

Perform a Post-Mortem
After each trading day, adding up the profit or loss is secondary to knowing the why and how. Write down your conclusions in your trading journal so that you can reference them again later.

The Bottom Line
Successful paper trading does not guarantee that you will have success when you begin trading real money and emotions come into play. But successful paper trading does give the trader confidence that the system they are going to use actually works. Deciding on a system is less important than gaining enough skill so that you are able to make trades without second guessing or doubting the decision.

There is no way to guarantee that a trade will make money. The trader's chances are based on their skill and system of winning and losing. There is no such thing as winning without losing. Professional traders know before they enter a trade that the odds are in their favor or they wouldn't be there. By letting their profits ride and cutting losses short, a trader may lose some battles, but they will win the war. Most traders and investors do the opposite, which is why they never make money.

Traders who win consistently treat trading as a business. While it's not a guarantee that you will make money, having a plan is crucial if you want to become consistently successful and survive in the trading game.

The market drops hard due to concern regarding the Greek debt problem.

The chart shows you can make a quick short entry in the open and exit at around 10:00 am. ET. for a nice profit.

Other than that, I don't see any other potential setup unless you scalp the market in a shorter time frame (1 minute).

Though if you are patient enough and you glued your (red?) eyes the whole trading day, you can possibly make a trade at the last hour for a long trade.

I can see the market might bounce early Monday possibly in the Globex market.

The market drops like a bomb today due to usual Greek debt problem.

The Greek problem is always the real culprit when the market drops hard.

That has been the cause since last year.

For today's trade, a good location to place an entry is in the reversal.

I can see an inverse head and shoulder pattern here, but the target should be carefully keep an eye because the volatility is at high range.

Quick reversal happens in just a blink of an eye.

Aim and Shoot the Right Target

As the picture shows, shooting or aiming for the right target also applies in trading.

Like in today's trading range, the market zigzag and if you cannot find the right entry you cannot make a trade (target).

Aiming for the right entry or looking for the right location to make a trade is similar in hitting your target as what the man (Liam Neeson) is aiming.

In today's trading, I find two good locations that are probable to trade.

The first one is a short trade when the market formed a head and shoulder pattern.

And the second one, a long trade when it formed a cup with a handle pattern.

Same story from yesterday's trading.

Manoj Bhargava, the Man Behind 5 Hour Energy

By: Mark Hanna
Posted on: February 9, 2012 at 2:30 pm
Tags: 5 Hour Energy

Manoj Bhargava.
Who?
Yes that is what I said too…
While this is a private company, I found it to be a fascinating story since it is always interesting to hear where these out of the blue blockbuster products come from. I had no idea it was a local story as well. I had heard Detroit Lions coach Jim Schwartz was at the Super Bowl, on the dole (i.e. pitching) 5 Hour Energy and it seemed like a strange connection, but now I see why he was a choice (again, local). Believe it or not I've never imbibed any sort of energy drink such as Monster or Red Bull, nor have I touched this 5 Hour Energy thing – but apparently I am in the minority as these are huge sellers. It's a long write up in Forbes – some snippets below:

• In eight years 5-Hour has gone from nowhere to $1 billion in retail sales. Truckers swear by it. So do the traders in Oliver Stone’s 2010 sequel to Wall Street. So do hungover ­students. It’s $3 a bottle, and it has made Bhargava a fortune.
• His company, Living Essentials, is the biggest player by far in the ­energy-shot market, and not because 5-Hour is so delicious. Chalky cough syrup is more like it. The reason Bhargava has won is that he plays tough. Sitting in that cemetery are a dozen or so neon copycats with names like 6-Hour Power and 8-Hour Energy. Each has been sued, bullied or kicked off the market by Living Essentials’ lawyers. In front of each are little placards with a skull and crossbones drawn in felt-tip pen. Bhargava points at the gravestone of one of his late competitors and says with a chuckle, “Rest in peace.”
• The privately held Living Essentials doesn’t report revenue or profits, but a source with knowledge of its financials says the company grossed north of $600 million last year on that $1 billion at retail. The source says the company netted about $300 million. Checkout scan data from research firm SymphonyIRI say that 5-Hour has 90% of the energy-shot market. Its closest competitor, NVE Pharmaceuticals’ Stacker brand, has just over 3%.
• Yet Bhargava, 58, is so under the radar that he barely registers on Web searches. His paper trail is thin, consisting primarily of more than 90 lawsuits. This is his first press interview. Colleagues and acquaintances uniformly describe Bhargava as “humble,” and he seems proud of his frugal lifestyle: his ancient flip phone, his cheap office furniture, the modest two-story home he shares with his wife and 20-year-old son. Yet, over vegetarian lasagna at Antonio’s, his favorite strip-mall Italian joint off Detroit’s Twelve-Mile Road, Bhargava says, apropos of nothing: “I’m probably the wealthiest Indian in America.”
• The rise of 5-Hour began in the spring of 2003, when Bhargava found himself at a natural products trade show in Anaheim, Calif. At one booth the sales reps peddled a 16-ounce concoction claiming to boost productivity for hours. Bhargava took a swig. “For the next six or seven hours I was in great shape,” he says. “I thought, Wow, this is amazing. I can sell this.”
• Right away, though, he knew 16 ounces wouldn’t sell. He didn’t want to compete with Red Bull, at the time new to the market. Nor did he want to share fridge space with Coke or Pepsi. “I thought, If I’m tired, am I also thirsty? Is that like having a headache and a stomachache? It didn’t make any sense.” He glanced at the ingredients label and made a mental note. Six months later his version was on the shelves, two ounces of ­caffeine-infused B vitamins such as niacin mixed with acids like taurine.

The market almost finish where it came from in today's trading.

It drops from the high open after an hour or so and just recover late in the close.

It formed the classic cup with a handle pattern.

Trading today's market was a little bit tricky if you are not particular with the pattern formation that are developing.

From the first hour, it formed a head and shoulder pattern, a sign that a bearish signal is on the way - and it did.

And from between 11:00 am. to 12:00 noon ET., the cup with handle formation is developing - and it did.

Those are the two setups that should have taken into account in trading today.

The market drops today from the positive open.

The Greek problem was the culprit today from the market reversal.

Also some profit taking opportunity was the added factor in reversing the market upside momentum.

Careful trading should be taken into account while trading and also pattern recognition should always be observed.

Well Funded Traders vs. Underfunded Traders

In this piece, I will post something regarding the above. I am referring to the regular retail traders who do trades in their own places/home offices, in the Starbucks cafe, (and not the institutions).

Comparing the two traders above, the following are my observations:

Well Funded Traders:

They have funds enough within their capacity to deal with the margin and have confidence on how much they can allocate with the number of contracts/shares they can trade.

You don't feel much about the volatility movement because you can put a wide stop, thus minimizing your number of stops that are getting hit or getting triggered.

Have much leeway on how much you can allow from your buy price to your stop price - and this is a great help on the part of the traders since this is about confidence and the emotional impact it develops while in the trade.

Underfunded Traders:

For the underfunded traders, there lots of disadvantages.

First, you cannot trade that much because of limited funds and are afraid of the loses especially when volatility is at high range.

You are prone to putting tight stops, thus you are always subject to getting hit often - one cause that depletes your (minimal) account (and more commission costs).

Your emotional part is prone to your trading concentration because of uneasiness - you have no confidence to trade even though your parameters or edge are on your side.

These are just few observations, but there are advantages and disadvantages on both sides too (vice versa). That all depends on how you treat trading.

There are some underfunded traders who are discipline and have plans. They use their time in learning while building their capital.

It would be better that way to trade first on a few amount that you can afford to lose while learning.

Build first your knowledge on how the market works, and when you are ready to trade, you have already the idea in trading.

But the important thing is you should be in the market - develop your skills.

Actual trading is more important than theory.

You can read all the expensive books ever written by great authors/traders but if you don't practice trading - you will end up losing your capital, time, and your mind too (if your are not paying attention).

Developing traders should be in the market action, and you must sleep and breath the market all the time!

Puplava: listen to what the markets are saying

 

Puplava: listen to what the markets are saying

While catching up with Chris Puplava's latest market update last night, I had to stop and share some of his words with our followers on Twitter.

Read the opening of Chris' article, "Stop Talking and Start Listening!". You'll find some worthwhile comments on interpreting data and the importance of maintaining accountability in one's market calls.

"...Far too often investment managers and economists spend more time espousing their views and then defending them until eventually proven right (“I was just early”), rather than spending more time analyzing their assumptions and being honest enough to say, “I WAS WRONG!” and then moving forward.

Part of the problem is that they create a view and then find evidence to support their views rather than starting from the bottom up by collecting an exhaustive amount of data and then summarizing the collective message rather than their views.

Basically, listen to the message of the markets and then interpret those messages rather than telling the markets what they should be doing. What the market IS doing is far more important than what you think the market SHOULD be doing..."

This is an excellent summary of one of the biggest problems I see in the 24/7 cycle of market commentary and trading. People have become too enamored of their own market view/"thesis" and too concerned about the risk to their reputations to come out and admit they're wrong.

Of course, if you are tied to a certain view or position and can't admit you are wrong, it could have an adverse effect on your trading or investing returns. Some people may hesitate to cut their losses on a bad trade or reverse their position (say, by going from short to long on a certain security or asset) if they've anchored themselves to a privately held or publicly expressed view.

Now that blogs and real-time social networks have allowed us all to become "mini-pundits", the risk of spouting off in public and ignoring the message of the markets has shifted down from media stars and big-name fund managers to the rest of us.

But guess what? That also provides us with an opportunity to face the music and occasionally admit we were wrong about something, which may actually help build trust with our audience (and in ourselves) in the long-term.

Because let's face it: no one wants to listen to someone who is never wrong and is always (magically) right. Why? Simple. Such people don't exist, oracles and sages of mythology aside.

Now back to the macro view. Despite some well-known recent calls for recession from ECRI and others, Puplava feels the markets and economy are in "bullish harmony" and are sending us a message that there is no bear market or recession ahead. Take a look at the article and examine the arguments for yourself.

And remember, hold yourself accountable for your own market actions and judgements. Try not to impose your views on the market, and try to be flexible in your trading, especially when it comes to admitting you are wrong about something. Your thinking and your results might improve!

Posted by David Shvartsman at 5:11 PM

The market made a nice move when it opened below from its previous close.

It maintained its momentum from thereon and the bears are not that quite happy.

Might be a sideways move come tomorrow's trading?

If it is, scalping is the way to make a trade!

The market open below from its previous close due to some concern from the Greeks debt problem but the participants overcome that concern and turn around the market trend.

A sign that the market is now resilient from any negative problem?

I guess the market might break again before the close.

Let's see!

Stock index futures signal dip in early trade

NEW YORK | Tue Feb 7, 2012 6:02am EST

NEW YORK (Reuters) - Stock index futures pointed to a dip at the open on Wall Street on Tuesday, with futures for the S&P 500 down 0.06 percent, Dow Jones futures down 0.05 percent and Nasdaq 100 futures down 0.05 percent at 5:30 a.m. ET.

Greek leaders faced crunch talks on Tuesday to secure a new bailout and avoid a chaotic debt default, caught between European Union demands Greece accepts painful reforms now and a national strike against more austerity. Prime Minister Lucas Papademos negotiated through most of the night with Greece's EU and IMF lenders.

"Most people do not know how to start and build a business, or how to invest in stocks or other financial vehicles, or for some reason they never bother to learn." - TRADING OUTLET

The market was able to make a decent finish even though it gap down in the open.

A little bit choppy almost the whole trading day and the only way to make a trade is to find a setup intended purely for scalping.

Though there seems a setup in the middle part for a good high finish, other than that the market was purely for scalping.

The market gap down today due to concern from the Greeks debt problem.

It is now on the sideways mode as of this posting.

There is a tendency it might just stay that way (today's close) until any positive sentiments coming from the participants.

The market is on a downward trend from this Globex session.

Looks like the market is going to pause from the jumper trade last Friday's positive jobless reports.