Is Green Good?

Last month I set a goal of being green everyday. Boy could I have not been more wrong in setting that kind of goal in this type of market.For a while the total opposite happened,and I was more inclined to overtrade,especially if I was already negative on the day. Setting goals of making money everyday,for myself anyway,is probably not the best approach. Though it is a great incentive,I think what matters is how did I get green if I did. Was I re-enforcing bad habits,by doing just about anything to get green? For example was I taking A+ setups,or was I jumping on every c and d play out there,in the name of getting green on my p&l? Was I sitting patiently letting setups come to me,and at the same time gaining a more clear perspective of what was happening for the day? In conclusion I believe setting a goal of being green everyday is a stretch,and not helpful to sustain a trading career over the long run.So scratch that approach for me anyway.I think a few guidlines for my trading will be a better approach.

Don't overtrade,no need to be involved on every tick in the market.

Determine the type of trading day it is before jumping in.

Take trades at important levels.

Wait for plays to develop,preferrably A+ setups.

Money will take care of itself,thru good trading,discipline,and patience.

Thursday

Market gapped lower this a.m below previous 2 days lows,and followed through to emini 1090 area. Saw Rig short setting up as it was near its 50 day sma of 86.87,with resist near the 87.50 level.Followed thru down to 85 level for a gap fill on 60 min time frame.Watching the 86.25 to 85.50 area now,and oil against 78.67.Had three green lights on that one,with eminis coming down,oil coming down and a significant area in the stock being broken on all time frames.

Wednesday

Trading this a.m I was off,trying to make a trade happen from X against the 42.50 level,cost me a little.finally got some focus back in pru for quick long and pnc for quick long.My main setup was APWR,but i strayed from it early on,finally honed in on it,saw bid holding 13.50 area,then walking up bringing in fresh buying(or short covering,but whatever).Was looking for a move above 14.00,went to 14.44,then pulled in back to the 14.00,acting as a floor for now.See how it handles that level thru day,also keeping eye on X at 43 level,can't seem to stay above that for now,but it is above its 50 day sma at 42.57 ish.

Tuesday

Mon was showing relative strength compared to rest of market early in the a.m.Opened into support area then thru 75 with a base at 75.50,gave another opportunity to get long on the pullback just below 76 then off to 77 area. Mon on the daily has much more resistance up here than POT.POT was the better play with no real resistance in the last six months above the 105-106 area.Neverthe less was good trade to follow the relative strength on a basically inside day in the markets.

Looking like X wants to make a run at the 50 day sma as i mentioned friday if it stayed above the daily neckline.It's gapping up about $1 or so this a.m.See if it can hold 40 if does should be able to see 42.60 area next.Watching this gap up in market to see if it can hold or not.

Charts to watch

HIG looking weaker again today,although in a range of about 25-23 on a daily,i think a close below 24.30 today might take it back to 23 for a test,any close below 23,very bearish on daily chart.

Friday

Not trading much today,just watching how market held emini lows from yesterday around 1082.50 area then 1085,support.A lot of bounces from that area except for GS,still acting weaker for now,insures still under 50 day moving averages,solars have some snapback,with YGE reporting earnings ,am.Oil bounced back over 76,but still under the 77 level.X bounced off its 60 min uptrendline still in place,unless 39 is breached,still testing neckline from previous daily head and shoulders,wouldn't be suprised to see it retest its 50 day moving average around 42.60 area if gets over neckline,otherwise still a bearish pattern,under that.

Tuesday

FCX

Levels
80.30
81.57
82.94
83.70
84.28(weekly highs)

X

Levels
37.50
38.00
39.00
40.29

FSLR

Levels
112.09
117.14
117.75
120.50
123.70

Watchlist

PNC

Levels
52.70
53.00
53.86

Targets
54.40
56.20
57.50