Sometimes we are left with very few choices in the market.
Today was one of those days for me, and that’s why I designed my system so I could always come in and find a reasonable trade within a few minutes.
I was out until mid afternoon, then when I got into the office, did a little head scratching and tried to decide what to do, if anything.
- Intraday trend up, find a toehold and go with trend
- Price near the high of the day, scalp short
- Do nothing
I opted for the scalp short. I noticed a few things, mostly a lack of energy and conviction. I assumed some longs would want to take profits, and get at least to the 42 area. “T1 is 47, 49.5 is r1 in the middle, and T2 is 51.25”
When we guess right, we have to make a decision: Do we capture the points, or “let it ride”. My preference today was capture, ignore the long side bounce, and try again, since the Demon had set up at 44. “47 resistance”.
That’s the way I think. I’m from Louisiana, show me.
Greased Lightening two days in a row by the PPT?
Even they are not usually that egregious.
Houston forgot to send the fuel; misfire.
The second return by the Demon targets the vwap at 41, and any late trailer for the 37 to 39 targets. Conservative traders are long gone by then.
This is dumb luck of course, because the longs profits are rapidly evaporating; allowing shorts to accumulate in an hour what it took the longs most of the day to accomplish.
Sometimes it’s better to be lucky rather than good…
Don’t over-think, over-analyze. Roger Farmer’s idea is reminiscent of yesterday’s late day shenanigans.
Just do it.