Snooze or Lose
Find one good trade and leave it at that I advised.
We used agressive resistance at the 68 LYH high pivot at the open, and thought narrow range. We have had a manipulated market, and yesterday’s late day surge and the overnight drift back left us thinking no great edge to do much of anything.
Our primary magnet was 63.25, so we liked the test of 63/62 and thought be happy, don’t worry.
Chopfest continued through lunch, and it was just a day that was better spent taking a walk after the Primary trade was done.
We thought early shorts better off for two reasons. First, psychology: Shorts would be gun shy after yesterday’s late day ramp. Secondly, we assumed that weeklies wanted to capture some profits, causing a retest of the breakout/ better odds buy zone.
Avoid low range, low volume, low tic markets.
A recipe for over-trading.
Law of alternation said don’t expect same ending today as yesterday.
Just wanted to say I really enjoy your blog. I absolutely never miss it. Your recent blog really nailed me as a trader. Super Bawl. I was in a trading room where this is how the trading played out exactly and unfortunately exactly wrong. No need to reply, just saying thanks. Continued blessings. – name with held
You welcome, and Thank You.
I like trying to decide where the ends are and assume range trading the middle 80% before we get directional moves. Think like the Big Boyz and drop back to a bit deeper chart for better perspective.
Best directional trades come when markets have traders trapped and a squeeze is on. Recognizing range trading vs breakout trades is an important part of trading.
@verniman Thank You! Much appreciated #EMWS
For Kenny and Simon… gone but never forgotten…
…unconditional love endures