After action report for 07 Aug 2008 I'm going to keep these brief as the chart says it all. Chart is annotated. Summary: Conservatively on a 1 lot I made 16 ticks today. (I actually did a lot more, but I'm trying to illustrate what is possible for the small trader.) Times were posted in advance. I was not able to trade the last posted time, however, had I been awake, I would have entered at either of the two circles on the chart and looked for approximately 4 ticks to 116 08 on 2 - 4 lots and then holding the remaining position for higher prices.
Looking at the chart again, I want to make a very brief point. There is no way, once again, there is no way I would have considered a short at any time after my last posted time. No way. I would only take longs at that point. Price behaviour says it all.
Pre-market 08 Aug 2008 0537 CST Times for today: 0653 0929 1201 Possible times I'm experimenting with: 0829 1045 1257 WGSR 116 100 115 175 Balance point 115 24 Intuitive take Higher through 1200 and then lower into the close.
0713 CST Out of first trade of the day, a short at 116 065 and an exit at 116 045. I think I could hold for more but due to late entry and 0730 report I'm playing it safe.
Here is the 3 min chart of the 0653 trade for the benefit of future readers. Note that my posts here on ET are CST and the chart is EST.