today was fairly retarded...i made,lost,made..anyway i stopped trading 2.5 hours beofre close...My stocks (t,mo,nov)were breaking down then breaking out of ranges so it became manic and chase the moving target deal.I couldnt get a good vibe without severe neurosis so i just called it a day.Frikkin wild swings.I thought market was gonna breakout in last half hour and instead it did a nosedive...Was very tempted but i just wanna live another day to trade.
The ranges were great, but the action was extremely difficult to contend with excluding early morning and last 30-mins, this coming from an experienced ES trader. Felt extremely fortunate to walk away from today's mess with 1/5 the RTH range. Oct 6th was a cake-walk compared to today. The recent weeks have been fun, but very much look forward to the return of normal heavy bid/ask buoyancy.
You are 100% right, I have said it another thread and started a thread about today. Very volatile.... Excellent for Day Traders. But today was "NASTY"! And in response to another posters statement, we have been down 6 days in a row prior to today. I never saw that 300pt swing to the downside at the close coming. I thought we were rallying hard going into the close. :eek:
i agree, was really choppy, and missed most of the EOD action... was also looking for a break out upwards... however, you may want to have a look at FDAX... made decent money there on the uprun, after the panic sells... with little risk... and the rate cut news would have been tradeable as well (fading afterwards)... but i had my break at that time... Opening action i made some trades in financials which went on squeeze mode for couple of minutes (as did european markets in very early trading). After all another good day... now several days with decent profits in a row... should get a bit careful and not too enthusiastic.. btw.: someone else not able to access account mgmt with IB right now?
It was a channel (TF) so it could've gone either way, the support was a major one for the day therefore the beautiful swing in last 30m. Last half of the day was logical, I really don't know what the OP is talking about. Today was a typical (albeit more volatile) day, not the panic "we're all gonna die!" day like the previous few.
Everyone is different. Styles, approach, risk tolerance..etc. It is all good if it works. I sat on my hands all day waiting for the sign. Took 20 bucks out from 985-1005 with 10 points of heat. For me thats a perfect day. 1 trade...1-2RR. Of course Oct 6th was a great day..if your a trend trader. My approach is catching sentiment turning points for quick cascades of movement. I did not trade at all on the 6th. I smoked cigars all day instead. And thanking the trading gods for being blessed with the ability to sit on hands... :-D<///////////////>