The odds are overwhelming against us.
Sheer numbers of the BIG boyz dwarf our puny accounts and any attempt to move the market.
All we can do is go with the flow.
Want to learn more about how to play the trading game?
Watch 300. True warriors with ferocity, and an offensive and defensive strategy unparalleled in warfare.
Well, there is Gladiator…
Defense wins ball games.
Momentum changes and turns on a dime.
That was the case with the extraordinary plays yesterday in the Superbowl…
If you are long and the market can’t punch it through resistance, there is a good possibility that the market will reverse, and sometimes, substantially.
David does slay Goliath sometimes, and who knows why, I sure don’t.
Today’s overnight action took away some of the travel range, so the long was the higher odds trade at the open. On gap days I prefer the Woodie pivot, and S1 held well today via that formula.
When the market settles at a different price than the close, it leaves typical benchmarks like support, resistance and pivot formulas open to interpretation. Typically I notice this at the end of the week or month.
The footprints of the big players were found and one particular time frame worked all day long. If you scan your time frames you will find it.
The early afternoon pullback tested support and held the RTH open, and we had a strong finish. The market loves to trap traders on both sides, and did that today quite well in the rather narrow range. $vix.x seems to be consolidating.
Let’s see what opportunities arise tomorrow.