The Student Loan Ranger

Any regular visitor here will realise that this is the first post for October, and that September had half the monthly average. I'm kind of sitting out waiting for normality to resume, however this selling just seems relentless.

Basically the market is selling, with a scattering of insane rallies based on absolutely nothing. That is not a safe nor profitable environment to be in having only been in the game for 6-8 months.

Hopefully the dust will settle by the new year, and some kind of slow rebuilding in the markets begins to level the playing field. I'll be back in the game when that happens. I'm a TA trader, and TA just isn't working effectively in this market. There is no point playing such a high risk game when there are no rules.

PS I am ultra chuffed with my comment a few months ago about the market getting worse in the future as it looks to re-test lows. Mind you, it was a complete no brainer comment!

Update 19:30:
Short term bottoms and tops are hopelessly easy to spot when you are not putting money on them. It must be a question of confidence:


These are a few I've flagged today and watch them move. The HD one happened as I drew the line, while the others have mainly been retracements from Mondays gap which I have been waiting for - an easy setup. There are still good moves in the individual stocks, but the reason people are losing, or not trading seems to be:

1. The market could turn any second, if you have the wrong position, you are dead
2. Eagerness to take profits quickly in this market will ruin you, conversely;
3. Not taking them quick enough will ruin you, meaning;
4. Your losses will outweigh your gains with this mindset
5. Fear and Greed as always
6. The more easy trades you miss, the more mistakes you will make

As I speak, RIG and TIE are moving off their respective trendlines and RIG is forming the basis of an ascending triangle. C is holding $16 as it challenges the level for the 4th time in 3 hours. HERO also dropped off as I wrote this, but has since bounced of the support line again. MON is a buy at $70 in my opinion too.