when forecasts go bad

[NDscorpini]

Hi All,
Please watch the video and look at the screenshot.

https://www.youtube.com/watch?v=ZSm2duepGP8

At about 9 min in, Dr. Al makes a forecast for the next day. I put the prices on the screenshot to illustrate. It didn't turn out as expected. BUT...this is a valuable lesson. You have to have contingency plans for when forecasts don't pan out. For example, off the top of my head I can think of 5 scenarios for this day based on this forecast.
1. The market does exactly what you think
2. Market gaps OVER resistance comes down and does a kiss and go (resistance became support)
3. Market gaps UNDER support comes up and does a kiss and go (support became resistance)
4. Market opens inside your range and blows through resistance, stopping you out
5. Market open inside your range and blows through support, stopping you out

Number 4 happened, exactly what he said wouldn't happen. So how do you recoup your loss and turn a loser into a winner? Expect nothing but plan for everything. All I'm saying is do your homework and have backup plans.
Best wishes,
NDscorpini

[abacaba]

Hi ND,

I don't follow the Dr., but this one is easy:

ES_9min_5.19.17_rth.jpg (100.79 KiB) Viewed 3469 times

Also, the market clearly bottomed around 2 a.m. CST. No reason to do anything but buy at the open. Full disclosure: I was not at my desk this Friday, and this is entirely a retrospective observation.

ES_5min_5.19.17.jpg (96.13 KiB) Viewed 3469 times

Todd