Two good trades on the ES, double bottom and double top. After that, quitting time, though one could play the next move up with a wide stop (not my cup of tea).
Yeah the ES were the only market I found halfway tradeable today. If specialists / MM's annoy you - there's always the futures... But then, even the ES just didn't give us many opp's. DB, DT, entered too late exited too early... few short-term scalps... Must've been nervous today - probably because of all those failed NYSE/NAS positions... Btw. I avoid those wide-stop trades, too - they might look rewarding, but they'll get you someday... eek... Conclusion for the day? : Sucks big time. General indecision ... Volatile vacillation. Better off going for a surf! Have Fun Folks, ~Scientist
Hey man - I was down -$80 bucks / 0.08k today in total! Lost heaps on the stocks, just balanced it out on the futures (ES-up 1.8k) - If I hadn't had the +4.6k-day yesterday scalping NTES etc, I would've taken a holiday to europe or sth... Gives me goosebumps, this job sometimes...
Recognizing a day that shows itseslf to be hard (for whatever your personal reasons may be) is more than half the battle. Say to yourself, "this is not my day" and just sit on your hands, and/or leave. For me, if the Dow, Nas, and S&P are not all trading in the same direction, I will either not trade, or tread very lightly. If up down volume is not decisive by 10:30 or so, I will not trade. Then again, at 2 pm, if there is not "direction" again (I consider mornings and afternoons pretty much 2 seperate trading sessions) then again, I know it is not my day. I like to see at least a 5-2 ratio of up/down (or down/up) volume to determine if the market is strong or weak. I like to be ON THE SIDE OF THE MARKET. If I don't know what side is the right side, I am pretty much lost. As for today, I do not think it has been a good day, but I have seen so many worse. Even very recently. Last Wednedsday or Thursday, when I was all long and some bullshit rumor about SARS in the Whitehouse made the market plunge, THAT was a nasty event. Fortunately it was early enough in the afternoon to take my losses, lick my wounds, and go back and make it back the next day. Shit like that happens all the time. Low volume days are just something we have to muddle through. The specialists have their opportunities to screw us all on virtually every trade, but if we know that, it can be avoided. Not trading is often the very best way to "trade" under certain conditions. It is always better to live to fight another day. Today, it felt good to be flat and have my screen shut down at 3 pm. (Of course, now the market is surging, but you "can't look back". Never kick yourself over "lost opportunities". New opportunities present themselves every day. Peace, RS
You're smart. Every now and then we get a glimpse of the good old days, with 1230 reversal and everything. But, most of the time, volume is pretty much gone by 1100 to 1130. There can be nice setups between 1130 and 1430, but more often than not, you'll get bored and start making boredom trades, giving back whatever you made in the morning, if anything. There's a lot to be said for quitting by 1130 and having a life. If nothing else, it helps you stay sharp.