Today’s showers ended prior to lunch, and the rotation was clear for the rest of the day.
Trying to squeeze the last drop or two out of a narrow range normally gets me in trouble.
Our high priority target short side was 48 to 47.5.
Yesterday’s failure at 58 was our laid back resistance.
We wanted the battle for the 51 test early in the day, with likely breaks to test the 48.
The bigger picture says shorts impotent until 44 and 38 go.
I believe they will eventually… not expecting that year gap to remain unfilled like it did last year.
After 4+ years and the elections manipulation behind us… not buying into 1700 idea without some pullback.
If I am wrong, I will admit it.
The Emini wizard system finds short term imbalances, and recognizes intraday swings for multiple opportunities. Direction and timing is important to minimize exposure to market risk.
Vader7x had a smaller swing within the larger one and is a classic example of this type trading. We can learn a lot from these sophisticated traders; much more than by listening to the empty suits on TV. He held overnight last night, not usually the way we would play it. Drawdowns are part of the game, especially if we a position trader looking for more meaty swings.
Markets ebb and flow, we need to try and find a reasonable balance between too aggressive and too conservative.
Day trading is not for most traders; it takes time to feel comfortable with the zones the big boyz will play at and hope that their footprints will align with ours.
When we are wrong, we will get squished if we dont take our stop out.
Not much fun in that type of play.
The General posted this interesting article…I didn’t think Princeton grown read anything by the Harvard Crew.
Kudos Bama. Nick Saban has more, not Less Miles.