Trading to win using the Secret Code of the Illuminati

Sorry Charlie

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Entries and Exits

Chasing my tail with Charlie today.

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Premarket, inside day shaping up.

Some days we are right on the money, other days we need time for clarity.

When we get smoke and mirrors bars, then we need to be conservative, especially around options expiration.

I liked trading both sides today, but felt like I was always one step behind this morning.

Sometimes our read of the tape is reasonable, but execution is not as good as we like.

Lack of conviction I think was my problem.

In addition to adapt or die… we need to be adept. :)

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I try to keep this blog about trading ideas and concepts, not about me. My belief is I can help less experienced traders by focusing on patterns and psychology as each day is similar but unique.

Washout early longs then catch late shorts is a familiar pattern; easy to identify in hindsight. In the heat of the moment, our primitive emotions need to be schooled and restrained, so we can “just do it”.

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Reacting to news is one thing; trade management another.

When charts are messy, I prefer hit and run until things become more obvious and I can sense the directional swings better.

Once the 42’s held during the IB and the bounce started to eat back into the 47+, I felt the shorts had lost their edge.

Longs defended their turf, but it seemed shorts were trapped as rotations kept squeezing higher.

The 53.25 was a possible higher high today, but the plan was inside day expected first.

Afternoon small range was typical of theta burn with the goose into the close since 47 remained intact.

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At this level my guess is position traders will ride what they have but not add in here.

Squeezing Charlie to get to the next level continues until the shorts unwind the longs.

Not yet.

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One

Two

Three

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Random thoughts from my head…

Premarket News

IB Breakout

Afternoon Contra

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Ohh those Angels…


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