By way of BoingBoing, here’s old “That’s Incredible” footage:

A very funny view of CNBC from Jon Stewart:

Contemplating long action on TYC. It formed a nice base in early Feb, which is a trend qualifier and the ADX/DMI is indicating an uptrend getting stronger. In an ideal world, volume would pickup (it is right now too low to support the move, lower than the late January move) and the ADX would cross over 30. I had put a note to pick this one up over 42.50 on 3/6, it crossed 7 or 8 days later but I completely missed it and it of course printed a nice 7-8 bars of gains. It could still be an attractive long.

Futures are down this morning which means the downtrend from last week will now fully resume after the short break yesterday. Considering what happened yesterday, I will still keep an eye for the bulls to try and bounce it back by 10:15am-10:30am. Either way it will be an interesting day to watch.

I will be watching the charts closely, to see if we are indeed reaching new lows at this would be the clear sign that we are still in serious long-term downtrend and not out of it yet.

from <http://money.cnn.com/data/premarket/index.html>

My trades are not always good, far from it. I am still a serious student when it comes to the market. But sometimes I get success, not only because I made money on the trades but because I followed my plan and it paid off. Sometimes, I get very happy getting stopped out of my trade and seeing the price drop further. Even if I lost money, I have the satisfaction of knowing I could have lost a lot more and I am happy my system worked.

In this case, it was actually a good trade though. This was my second successful attempt trading a dip trip. The daily chart had showed a nice uptrend from mid-January to early February. I picked CEF on my list half-way through the drop. I waited for a decent entry signal which came in the form of a gap open on 2/6 with a MACD crossover and several other indicators. This was all happing right around the 50-60% pullback mark on the Fibonacci grid. My order was ready overnight on 2/5 so I was stopped in pretty early on, giving me a good entry for once. This allowed me ride the down movement on 2/6 not too worried about the outcome.

After getting in, I rode the uptrend as much as I could. My stop was following closely with the price-action and I was eventually stopped out. At first, I thought it was a premature exit and the high open the next day got me worried. But it turned out to be an an exhaustion move and the prices declined quickly after. So I missed some of the price at the entry and some at the exit but overall, I covered quite a bit of movement on the trend and I am very happy with this trade overwall: good entry, good exit and the system worked as expected.

These encouraging charts keep me coming back for more.

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For those wondering what kind of trades I am usually after (not always obvious from some of the horror stories I post), here is a good example:

This was a quick short of XHB. Opened the short position on 10/30 at 22.28 and closed it on 11/06 at 20.85. This is only a point on a half but it was a clean trade. I picked up a decent entry point which allowed me to capture a good portion of the downward movement. Granted how don’ t know for sure how much of the move I got because the downward trend could keep going for days but I felt it was a good time for me to get out. The sell volume was dropping, the price was right around the last resistance level and the 2 period RSI was turning up and heading towards 30. Those were all bullish indications which made me take my profits now. Only the next couple of bars will tell if my timing was right or wrong but I am happy with the results.