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The overnight rejection of the 8/28 session bodes well for the short side. That level coincided with the short entry price from my swing system. I didn't take that trade. Damn it! I really hate it when I pass on a trade that's from a proven systematic system and the trade works out ( on sim ) as. well, the trade is not over but it has started out very good with no pain.
Closed the long. The premise to enter was bounce at yesterday's session highs. No bounce hence I exit. Also I had looked at correlated markets and the long bond is getting bought here.
Not long after exit a little bit of re-trace. Have I learned nothing from 5 years of programming systematic systems? Wait for a favorable move before exiting!
Edit: monday morning qb: Why did I go long? Because I thought that the market SHOULD reverse when it reached a LEVEL I had on my chart. A random line.
Was my bias long or short? It should have been short. I'm not sure what my bias was as I didn't clarify that with myself.
TODO: create a checklist to go over before the open. Make sure that it has "establish bias" on it! Then stick with that bias and trade in the same direction. It's okay to change the bias mid day but make sure you establish reasons and confirm them before changing.
The gap up today with all correlated markets in agreement, would suggest a long bias. The ONH near the 8/28 session high cautions further gains. A break through above that level would likely have plenty of room to run a lot higher so the reward for going long would be great.
On the flip side, here in my intraday chart I see the morning session give plenty of signals for a down day. A long bias with a cautionary note ( as stated) should easily flip to short bias when the market shows weakness.
At midsession we have a price rejection at random line ( yesterday's close ) . Price appears trapped between that level below and the d-vwap above. Now what? I suggest waiting for a renewed bias confirmation at the breach of either level: below yesterday's close, short bias, above d-vwap, long bias. Presently just stay neutral and flat and go to lunch!
going to lunch with a buy stop limit 4 ticks. Can't preset the counter trade chart with opposite orrder so I'lll cover that one as a paper trade on REAL paper! ( having lunch is not something I'm simulating... but perhpas I should?)
back from lunch. I canceled the unfilled stop limit buy. I had not placed a stop limit sell. Reason, I was worried about the w-vwap level acting as support ( blue white line ). Blasted right through that. Now hesitating just above yesterday's cash open ( gold line ). That would have been a good target. Oh well.
it's sim