Something may be holding you back, and my guess it is in your blind spot.
If nothing is holding you back, kudos.
Decide in advance where the odds favor our trades based on time and price.
Today we assumed was a Pro tected trading range.
That puddle may be hiding a frog, until the sun comes out and heats it up.
I took an hour or so after the market closed to help orient one of our new members.
He has expressed a passion for the markets, but I will warn him in advance that this is a brutal business.
It requires emotional control and self discipline, as well as a host of other qualities.
Capital, courage, and confidence come to mind.
So does patience, the ability to pick ourselves up off the floor, and mental flexibility.
Roy Williams says passion is not enough.
We need commitment; the mindset that, as Les Brown says, “I know this! I can do this, No matter what this is me.”
I will not be denied, I am the master of my destiny.
I hope our new member has it, and outgrows me.
Any good mentor wants that for his students.
We thought if the market went south first, it would bounce in the afternoon.
If it ran long side first, then we expected a swoon after noon.
Open above 77 bullish; below 77 but above 75 more bearish, but 75.25 needed to go.
The lunch contra looked innocent for an hour, then the trap bar pushed through to the middle test, to the IB high.
Note how the price is now above all of the lines, a bullish setup.
At 3 pm, the trapped shorts are squeezed into the close, testing Thursday’s high.
Yesterday’s middle and rth low held, and this is as perfect a setup as we can find.
We never know IF the bust ’em bar is going to occur, but when it does, flip the switch and think reversal coming.
Amateurs become emotional about the bears and the bulls and engage in reckless heckling of the losing side.
Pro’s take advantage of subtle shifts in market balance and try to catch a piece of the move.
Yesterday’s differential is a classic example of why we wanted the short side to come back into balance short side.
Rain Line the hoped for target; over stay at your own risk.
Note how the 30 rth and the 15 globex supported our thesis.
Don’t forget the 240.
“Short the higher high; less risky” was my thought.
Expectation was for the 79.75 to 81.75 test after we broke out of the slim jim.
Grab a few points in the stop run for the double top and get out of the way by EOD.
Keep it simple, and just play the game with the odds…
… and the right technique.
Who is mentoring you?