Knowing and doing are two different things.
I read the tape fairly well today, but missed a lot of opportunity. Often times that happens because I sense the move but don’t like the odds or timing for the play.
The 30 minute chart we perceived as reality, and felt the short side should get one good trade after the IB was in.
Scalps short premarket, and late day were profitable, but not nearly as satisfying as just buying that 85 pullback and sit with it.
Many times that is the hardest thing for me; lunch chop, and squeeze gets you there if you are willing to sit with it.
Right now, I am not.
“Busier than a one-arm paper hanger” was an expression I first heard from my father-in-law. Vacation coming up, and tying down lots of loose ends here before we leave.
Phone calls, non-market responsibilities, and major projects in my life right now are front and center.
Posts will be infrequent, and blogs minimal for this week, then resume after labor day.
The one good trade a day approach works, and the mid morning contra was the perfect antidote for the bullies who came out of the gate with their macho six guns blazing.
Opportunity continues to abound for traders adept at seeing the games and hidden pivots.
We had resistance zone today at 1198 -1202 and support early at 75.
We reviewed traders opinions about trades long short/ sidelines today and did a bigger picture review of position players.
Option Expiration should give us a few swings this week.
1074 was called as support marker last Sunday evening; intact so far.
Time for a little profit taking?