Spikey! Added one at 70. NQ not playing with, yet, and that's a concern. Locking in 1 tick on entire position. I think I'll be happy with 4180 if I get it and call it an early weekend from there. If stopped, I'll probably re-enter. EDIT: Okay. Moved my stop to 66. But that's all they're getting. Will move back up to B/E if we get another thrust higher from here. If stopped, then, would assume another test of the current lows is possible and even 4150. Plenty of time to re-enter. NQ picking up a bit now, so that's good.
Without NQ participating this breakout seems to continue failing...might be looking at a gap down open after all. I see 4168-69 as some kind of line in the sand here pre-market. As long as that's holding I feel good about the long side. Okay. Maybe writing that out helped. Let's see now...
Spikey! Grrr...covered for 2 ticks profit on entire position. I was hoping we'd spike higher, but no reason to hold through a counter move. Let's see where this opens. Not touching this until the dust settles, but probably still looking to re-enter long at some point. Possibly 4150 first.
Daytrading requires nerves of steel IMO, this is because you constantly have to monitor price action and intraday action can be full of noise at times, so hats off to folks that manage to hold positions intraday.
This dip will be bought. Just not sure how low we dip. Could see 4150. Prepared to take a few stabs at this until I get it right. It will be a slight surprise to me if we don't at least touch 4180 today in RTH. Always a possibillity of course.
Humbly, I think two factors are relevant here: 1) Leverage 2) Method If you're highly leveraged with a poor methodology/understanding of the market, you're in constant stress unless you love losing money. If your leverage is low and your methodology/understanding of the market is very good, your stress levels should approach zero. I use fairly high leverage and have a methodology which appears to work okay a lot of the time, so my stress levels and nerves are usually in control. Using fairly small stops and always minimum size on initial entry helps as the times I usually get a lot of stress is if I've been underwater on a big position where the outcome of that single trade means too much. Those micro moves and noise can be a b*tch, though. I go for the bigger moves/levels and tend to ignore those spikes. It have helped my trading for the better.
There are some that say there is no such thing as noise, but I strongly disagree with that by my definition of noise. Sure, every move happens for a reason, but that doesn't mean they're predictable. What's predictable to a certain degree is that the market will move from A to B. But the small gyrations within that move are not easy to predict at all as they can happen for a myriad of reasons which have nothing to do with so called price action or charts and for reasons which the bigger players don't care one minute about. The market will go where it wants to go, but it can cover a lot of ground in between.
Paying attention to 4173 now. Bursting right through would be ideal, but it could trigger a reaction.
As soon as yesterday's HOD is taken out, I would be expecting 4180 quickly. Not sure how much more one should be expecting today. Could go all the way to 4200 of course, but I'm a bit more cautious about that today. Let's see...