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I'm getting tired of saying 'Interesting PA today', but I suppose that is what makes me a trader. You know the old adage about the market being like a beautiful woman, endlessly fascinating...
What creates the daily patterns is the placement of orders. It is difficult for the market to have a trend on some days, because the order 'landscape' just won't allow it....
Some fascinating and EDUCATIONAL bars today. (FOR THE RECORD, I count bars starting at 9 am as B1, B2, B3...etc.)
B6 was the beginner's wet dream. A strong breakout... quick, jump in so you don't miss out!! In fact, it was merely a price vaccuum spike to resistance and channel trendline.... with strong selling coming in when the market has reached a price that was just right to start selling at. I considered shorting on B6 close but this trade is not a part of my repertoire.
Having rejected the move up, the market was poising to move down.
B11 was not strong enough for a short start signal, but it did end up acting that way.
B12 was the most interesting bar of the open. 8 times out of 10 a good looking trend bar at the edge of a range will FAIL. It looks strong, but normally it will fail because the bottom of each range has buyers. Today it did not... only to make traders think in future trades that selling at the bottom of a range is a great strategy. Watch it next time.
And then comes B13... heck, it just went down 25 ticks... but the trend is strong!! CANNOT miss out. Easy jump in, right? Well, B14 showed that the 'trend' was a lot less urgent than the bar represented. Traders who sold B13 close did NOT see another similar big bar down before being shaken out by the 10:30 news spike. Breakouts are some of the trickiest setups to trade. Not for beginners.
That's what makes trading so interesting. Some very tricky shit, with exceptions to the norm all the time.
Oh yah, almost forgot. No trades today.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Every activity or desire will reveal that the basic goal is to achieve a certain feeling. There are no other goals than to overcome fear and achieve happiness. Emotions are connected with what we believe will ensure our survival, not with what actually will. Emotions themselves are actually the cause of the basic fear that drives everyone to seek security constantly.
From Letting Go by David R. Hawkins
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Worked a lot on my trading setup on Sunday. Entries are now 50% mechanical, and exits 100%. We will see how it will go. In the process of formalizing my second setup in a similar fashion.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Wednesday: a very strong short signal setup... at EXACTLY 10:30 Crude oil inventories time. Needlessly to say, didn't take it right at the news. The market spiked down 50 ticks in 10 seconds. I smiled.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
I will resume posting when I am back.