After 2 days of losses I was a little trigger shy today. The morning gap was getting sold off but the past two days I have been losing money trying to short so I lost my confidence in shorting this gap. Trades on the short side turned out to be golden. I managed to catch a oversold bounce on JCI when the market bounced off a support level at around 1:30. I was greedy and left a hundred bucks on the table when it had the quick reversal at 2:35. A $1 drop in 10 minutes.
5 min chart JCI
- I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.