Gaining an Edge over the Forex game of Mind, Money, & Wealth
Tuesday, February 24, 2004
S&P 500
Since retreating from 1160 last week, the index had closed under the 21 day ma for the last 2 days, re-enforcing the the overall market bearish tone..
Additional month end book squaring could push it down to the 1125 levels while 1145 caps the topside.. below, the next major support is down at the 1060/70's..
The Nasdaq is on the verge of confirming a mid January top.. good support here at the 1450 levels while the market consolidate prior to the next move up or down.. a break here could see a fast move down to the 1360/80's..
Peter Mark
Gecko Global Analytics
Trading is not an exact science contrary to the popular belief of most new or inexperience traders.. In trading, we must allow for some margin of errors within our defined risk & trading time frame.. allowing for this margin of error under the constraint of trading in micro time frames with stops & profit targets all inside a small fluctuating market noise band in hope of achieving consistent profits over time is very difficult, if not impossible.. as whenever we are right, we are only small right within the confine of the small P/L band which limit our odds to playing for break even at best over time.. Trading longer time frames allows for a wider margin of error but at the expenses of increased risk.. however, the odds of being right & achieving consistent profits over time are enhanced when good market analytic & trade management strategies are applied under the proper market bias.. When we are right, we need to ensure that we are bigger right over an expanded profit band in-order to compensate for those times when we are wrong..
Since retreating from 1160 last week, the index had closed under the 21 day ma for the last 2 days, re-enforcing the the overall market bearish tone..
Additional month end book squaring could push it down to the 1125 levels while 1145 caps the topside.. below, the next major support is down at the 1060/70's..
The Nasdaq is on the verge of confirming a mid January top.. good support here at the 1450 levels while the market consolidate prior to the next move up or down.. a break here could see a fast move down to the 1360/80's..
Peter Mark
Gecko Global Analytics
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Trading is not an exact science contrary to the popular belief of most new or inexperience traders.. In trading, we must allow for some margin of errors within our defined risk & trading time frame.. allowing for this margin of error under the constraint of trading in micro time frames with stops & profit targets all inside a small fluctuating market noise band in hope of achieving consistent profits over time is very difficult, if not impossible.. as whenever we are right, we are only small right within the confine of the small P/L band which limit our odds to playing for break even at best over time.. Trading longer time frames allows for a wider margin of error but at the expenses of increased risk.. however, the odds of being right & achieving consistent profits over time are enhanced when good market analytic & trade management strategies are applied under the proper market bias.. When we are right, we need to ensure that we are bigger right over an expanded profit band in-order to compensate for those times when we are wrong..
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