another bf down day

Another big F* down day for the market. I hate this bear market. I'm suffering a lot in my long term account where I'm very mismatched temperamentally with what the manager is doing (ie, holding).

When will the market catch any form of a bid? Today is a "day 3" in my view, so could be a reversal day, except people are just dumping everything, abandoning every ship. 

It's Friday, 0dte, so I must hit and run. I'm looking to short new breakdowns that are not over extended, and I'm looking for overextended stocks that could bounce if the market does.

I left a lot on the table today, like yesterday. But on the other hand I had a great green day and the best week I've had in a really long time. Sunday night is Rosh Hashana and I have a lot of other things to focus on. PEACE!

TSLA... I'm always scared to short TSLA. Gapping below the 50mas, but chart is relatively strong in the past several weeks and the gap down is inside the pattern. This is one people will love to buy if there's a bounce. I gave it zero room. Went in small, took my pl on first trade of the day and got out.

Market looked like it might bounce for a minute, and GOOGL hammered strongly, so I tried the long. Didn't get the target, but not hanging around to find out if longs are going to follow through when there is a heavy weight on everything. 

After GOOGL stopped, it was clear to go short again. TSLA was overextended by then (no second try for me), but OXY set up. It was a bit of a tough trade. It didn't flush and the spread was wide. Took my bit and got out. 

PEACE!

Peace!

Yesterday there was a fed announcement and an already bad market sold off hard. Today, a flat-ish open. I looked for stock moves on volume that weren't already extended, or deep oversold ones to buy if there is strength. I also told myself to wait 3 minutes. None of this buy the first or second bar insanity.

AMD gap down below a mini consolidation. Room to go before the June low. Not day over day extended. AMD relative weakness to the market which barcoded for the first 6-7 minutes. Plan was to take 10%, 20%, runner. After taking 10%(ok, 9% after commissions, etc) the market started flushing and I decided instead of taking 20, to trail it with a very tight stop. Cascade selloff for the win. I squeezed my stop to trail the whole thing, and sold on the first sign of strength. 

Yes, there was more downside. But I'm glad I didn't sit through the chop. I got an amazing gain and I got it so easily. A bounce from a cascade selloff can sometimes rip your face off and I wanted to keep my gains so I didn't give ANY room. PEACE!!

Chicken!

I traded like a chicken today. I had all the right picks, all the right ideas. Building on my thoughts from yesterday about up days in a bear market I went for 

MU - short covering in an oversold stock

UAL - weakness in a weak sector

OXY - short the profit taking gap

But I cut all of them way too short, because I was scared!

ugh, later, coulda shoulda...

Bear market mantras

Below is the breakout I tried to play long this morning. It was (what I call...) hard work. That is the feeling that it's just not launching like it was "supposed to". It was a hard climb. It didn't make it to my target. And later I see it failed. 

This is what I want to remember about trading in bear markets: the pressure is down. Everything is heavy as if there is more gravity. Wet blanket on everything. It is a profit taking day for longs, because they are finally getting their chance. It is a stopping out day for shorts, buying to cover.

Breakouts will have no power and are likely to fail. 

Trapped longs will look to sell. A breakout could be manufactured/manipulated as a selling opportunity (realization as I am currently reading Reminiscences). 

On up days in a bear market: shorts will cover, taking profits by buying.

An up day in a bear market is not a wholehearted buying day. It is a short covering day or a profit taking day for longs. There is a lot of selling pressure into the strength (wet blanket on everything). On up days, breakdowns will also not work because it is a short covering (buying) day.

small relief

Yesterday a max loss day, today made it back and more but not before a heart attack. I keep trying to trade moves up. I should be skeptical of bull moves. 

Today I loved the setup on LVS and its one of the stocks I love to trade. I jumped in WAY too early and had serious pain (means, below where I should have stopped...oy!) before it came back and paid me. Even still, at the top, it was "hard work" and I took it off to protect gains rather than letting it really run. I still think it will hit my targets, but I'm out. 

Maybe this is what risk aversion feels like, but I'm apparently not averse to letting it go below my stop, I'm just averse to losing gains. This is literally the opposite of cut losses/run winners. I'm trading like an amateur. Shape up!! I'm much more skilled than that!

Was down maybe 30% at one point. Take profits at -6%, +3%, +9%, +61%, +41%.