Lesson Learned

Last night's list is performing horribly today, but for those of you who have been at this site for more then a few weeks may have noticed something different about the list, it was packed full of limit order trades only; this is because these trades were swing trade setups and we are still technically (may change at the close) in an uptrend, but as you know, I'm expecting a downside reversal. If you followed instructions and read the notes, hopefully you didn't get into any of these trades that bombed.

POINT IS-Read the notes! Use the Stops! I rarely use limit order trades, but if you see them, there's a good reason for it and today is proof positive of that reason. All of the trades except for one that were for market execution are either profitable or have offered profits as high as +6% on the day. So if you followed the notes, you shouldn't have been in any losing trades except potentially one.

On another note-Read the most current post at Trade-Guild on XLF, I'll add more later, but this will explain the situation, where we are at and how we'll move forward. Before I could even finish the post, the 1-min 3C chart was right on and we saw a break or resistance. If the 30 minute chart continue to develop, then we need to be very cautious indeed.