Good point. Yesterday was a day which could retire a good trader. It's the kind of day I tend to maximize, but I locked myself out on my account after being up on the morning and just watched helplessly the rest of the day. The approach I'm currently gravitating towards is simply trading fairly small on most days and to be around when a big move comes and be able to size up big then.
Volume from Futures market alone isn't enough if you expect big moves taking place during RTH. You also have to pay attention to cash market too.... How I track volumes is my secret which I don't share..
Actually a million $$$ trade like the yesterday one takes longer than a day to form a pattern. It's very clear on the charts from last Monday upon market close.
Retire a good trader? that's an exaggeration right? I think PTJ had a 70+% on the black monday month. Thats long way to go from retiring for 99% of trader yeah?
Thing about days like yesterday that I have always struggled with, is say you picked the bottom or real close and went long. The hardest thing in the world is not cashing out early. Had you bought $1000 worth of $455 zdte calls on the Q's yesterday at their lows of around $0.20, and held to the close, they were worth $40,000. But who can fight that urge to sell when your $1000 position is at $2500 an hour later? That's what's tough.
More than likely the reason I'll never have a "retiring day." Plus if I did, knowing me I'd probably give it all back within the following week.
I think we'll be north of 5600 by next week. I would say we'll make a run at 5700 SPX, and tbh that's really what I think, but that is really putting my neck out there.