The market continues its sideways movement and it is hard to make a profit under such conditions. Still, we had three trades (two profitable and one not so profitable) and made $268.80 with our 2011 strategy. The 2010 strategy has really reached an expiry date and we had only one miserable trade with $21.33 profit. Below please find the respective Equity Curves. It confirms that it is time to shoot the slow horse and start a design of a new strategy for 2012.
Also, it is interesting to note that the Cup and Handle formation on the daily timeframe failed and rolled-over. It confirms our theory that formations are mostly for show, setup by the professionals to attract the amateurs into the market, then reverse the direction, hit their stop-loses and take their money.
Well, it was interesting to observe the dynamic, but we didn't get any confirmation of the breakout and we moved on with the professionals to take small positions in the correct direction.
Posted by Kris Pivo.
