Still trading, but mostly in silent. Got lucky on a range play this morning. Was prepared to take a few attempts on the range low and got lucky on the second attempt. We may very well be stuck in this range until tomorrow's CPI.
Personally, I'm a bit cautious towards the long side at the moment. I don't pay much attention to the FED, but they seem more hawkish lately and I can't help but think it would depress the markets if that CPI print comes in slightly hot tomorrow. NQ's been such a drag lately, too. We can't rule out that a correction have already started, so I'm preparing my mind for the short side.
Nice trade, @Laissez Faire. I particularly like how you reentered after being stopped out to the tick. Fixed 20 point target or some other rationale for your exit?
Thanks. I was prepared to take a few low risk / tight stop attempts as I figured we could go even lower and the range low still would hold. I prefer taking a few stabs with lower risk instead of using a larger stop, so it's no problem getting back in as long as I see price acting right within my hypothesis. 20 points makes me feel good and it was also around top of the range. I was stopped out on a trailing stop as it seemed we could push even further and that stopped me out. From my phone I can see that the range low now broke.
The current action doesn't make me less suspicious. Maybe someone already knows tomorrows number will come out hot. Will be one hell of a rally if not. Let's see how the market acts at 5200.