Battlefield

The pre market scalping short and the gap play worked like a charm. We wanted the test of support for the first hour.

I prefer a hit and run approach, rather than position trading. I know I am not going to get all the trades right, but like to take the higher odds trades. Timing is a big part of our methodology.

Today was a trend day, but it didn’t feel like it. We had 82 support, with potential upside targets at 93 to 98, and the distant ones at T2 1102. We eventually used the 1102 as resistance for the EOD trade.

Sometimes I can’t or don’t want to be here all day. My system allows me to catch part of the day’s activity and go about doing other things. Then after taking a walk, playing some golf, -going about life- I can return and try to find another trade or two.

It’s about making money, not about time sitting here. That being said, I usually do find it easier to find the rhythm and flow the longer I sit here.

Being married to this business is like having a job. I love it, but it can be all consuming. We need to give ourselves regular vacations, and find ways to de-stress, every day.

We are not fibo traders, but are aware of those numbers. I calculated a 40% retrace of the last swing around the 98 area. Many seasoned, methodical position traders can sit all day long with a trade working in their favor and just adjust their stops.

Sometimes an option will be a great proxy for me but timing wasn’t right today to use that tool.

While I am not a hyper scalper, I find it challenging to sit here all day(s) and manage a position. It’s just not me.

We don’t need to “nail” every trade to make money. We need to make some; capture it, and sense when the pulse is ending and profits are being taken.

“The spider” pattern was observed today and the mechanics of it illustrated to our members. It can be long or short biased, and today’s was long biased. Respect 83 angel was a reflection of that insight.

Personally, I would have done a lot better today if I had just let the long side work. It just goes to show how tough this business is; even recognizing the pattern, knowing my projected target, and understanding the need to be patient, it still was something I was not prepared to do to win the most chips in the game today.

I got together with a good friend of mine for dinner whom I had not seen in a number of years. He has been hit with every conceivable body blow this year, yet there he stood: proud, tall, a survivor. Still laughing, taking life in stride, and confident that he will overcome whatever comes his way.

That’s all we can do; pick each other up, learn from all of  life’s experiences, and move on.