I returned from my holiday a few days ago feeling very refreshed. Before leaving, I was worried about missing a big bounce and ironically, it's happened almost exactly as I've returned but I was too jetlagged to want to do any trading. Anyway, it looks corrective to me although very tradeable, obviously.
I view this as wave c of a wide ranging correction. The first leg up from the early August sell off failed just above 4300 on September 1st, while the b wave down was a choppy overlapping affair which must have been very tricky to trade. This wave is much cleaner and I guess it's a question of judging when to buy any dip that eventuates because the strength of the last few days suggests another move like wave a.
I haven't done any position taking since I've been back because I became aware of how much stress I had been carrying. The stress was a product of pushing too hard at my trading so that something which is essentially enjoyable became a source of tension. There will always be up and downs with stock trading but I've worked on techniques that really seem to work for me and the lesson is to stick to those techniques. One thing I'm planning to avoid is intraday trading. I find it hard to be disciplined in the same way that I am with my overnight trading and it's a very intense sort of business so it eats up a lot of mental and emotional energy. It really doesn't add up for me on that basis.
That's enough for now, I might have a break for a day or two and write more when I'm clearer on my goals.
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