The Crosshairs Trader Blog

IN THE CROSSHAIRS GOLD EDITION 12/02/2009

in the crosshairs

 

Wednesday, December 2, 2009


 

 

battlefield terrain

 

ENTANGLING: UNFAVORABLE MARKET CONDITIONS

 RANGE COUNTER: 15 DAYS

Is it any wonder that I call the market conditions we are in “entangling.” If you are not careful you will get entangled in guessing which way the market is going to go next. One day it looks like it is going up and the next down. In the morning the market looks poised to break out of its recent range and then by afternoon it retreats and vice versa. On we go with our range trading. The charts have not changed. Notice I have a added a RANGE COUNTER for us to count the days since this rangebound market started. Anyone care to guess when and how it will end? The waiting for a big chart, swing trader such as myself can get tiring but which would you rather have: getting tired of waiting or getting tired of losing money? Sounds like a no brainer to me. There always seems to be “A” reason for the market’s move. It used to be interest rates and earnings and corporate news and banks etc., now all you hear is whether the dollar is strong or weak–the movement of the dollar is THE reason for the market’s up or down close. The dollar was firm today so the market could not get any traction. Oh, is that right? OK. If the market is surging tomorrow in spite of dollar strength what will be the reason? I am sure there will be a consensus by the end of the day.

Having said all of that my software triggered 25 LONG trades today on the DAILY chart. . Yes. You heard correctly… 25! Most of the longs that triggered earlier this week are either moving sideways to up, so they are worth watching. One WEEKLY crosshair is also trying to make its move. For those with a membership you have the heads up. Whether or not to trade them is another story and has to do with the above and the rest of my commentary below.

 

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