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Haven't been trading much recently. Thursday's run-up was impressive and typical of a move that happens before the return of volatility (Another clue is flattening of MA's). I am not sure what would happen after three days break, analysis will be re done, algo's will be re-written etc. etc.
Typically I want to see the breadth increasing with that end of day rally if it didn't improve then something might be suspicious not saying short but be cautious on longs is my approach today on ES/YM.
Missed my long entry this morning while dropping kid at school so what did I do? Shorted YM @17400 with stop at 17500 for a swing...I broke two rules in this trade
1. My self imposed no shorting rule
2. Self imposed no holding overnight rule (not yet broken but that's the plan for now)
Reason for my short...Less volume on UP side and breadth deteriorating, weak oil but near ADR Lows so expecting a bounce there.
Edit: Wow! I didn't know Yellen was speaking today but anyway I deserve this because I broke my rules...and still breaking it by holding this short purely based on no volume to support this move
Edit: Closed YM short lost $500. That was very fast 2 mins, had chance to minimize the loss but didn't take that chance. Anyway sticking to my rule of no overnight position.
Still looking at those volume spreads eh? So much pain for no reason- a while back I found Cumulative Delta Volume was so inconsistent I removed it from all my charts because it clouded my mind- "why is there not as much volume at the bid on this push?" I would ask myself and eventually close out a trade or worse- take a trade... I promise one last time- you do not need that information to be a consistently profitable trader!
No trades today but I hit my imaginary targets (lol). I am down with allergies, also alot more going on at work front so not finding much time, whenever I get time move would have already happened...I am waiting this March to be over, lost over half of profits already.
