Chart Folder - May 21, 2003:
Hi Subscribers...I just want to mention something that I very rarely talk about; guess it's because I don't often teach in the afternoon.
Most of the time when there is a large range in the first hour (over 5 -- 6 pts.) the old adage that the high and low of the day is within the first hour...can keep you safe if you really stop and think about it. Just remember as you approach the high or low after the first hour you must use extreme caution. Maybe wise to wait for a pullback or look to short after it makes a new high in the afternoon...or vise versa if a new low. I look for mom and put my target above (or below) about 1-1/4 points...major rule; must everything going my way. EVERYTHING! If there is a small range it's not as critical, but use caution.
Keep track of this nuance for a month or so...when you are studying your charts at the end of the day; check it out.
No big deal with this chart today...just want to point out the 12:30 breakout, and also the chance to catch the one o'clock move in the afternoon.
Thought for the day...
No matter how successful you might become or how much you achieve, somewhere along the way you will make a mistake. Itís not the mistake that ruins people. Itís how you react when you make the mistake! We can see three things that show us how to handle mistakes.
1. Learn from your mistake...keep it in perspective.
2. Don't let you pride (ego) keep you from going on.
3. Get back in action as soon as possible.
Mistakes are a part of life...Learn to get back up and back in there as quickly as you can.
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