Sorry for the late post, RG had some business to attend to and will probably add to this post once he gets back. The market opened below our 1161.25 level and quickly moved down, crashing through the 1158.50 level until it started meeting some resistance at the 1156.50 level. I monitored the volume for an entry as price rotated between 1156.50 and 1155.00 and just did not see a good setup to get in long. The sellers looked like they wanted to stay in control. Price movement was a little crazy as it moved up to near our first target at 1160.25 before backing off. I considered trading the pullback into 1156.50 again, this time the buyers did step in before the ES started it’s rocket climb up through our second target at 1162.50. With the market volatility being so high and the 10am news a few minutes away, I sat on my hands and watched the potential trade unfold. I thought maybe I could get a short fade trade as price approached the 1166 level, but price just didn’t cooperate with the level. It fell 3 ticks short and then 15 minutes later when through to 1167.50. At that point, I called it a no trade morning for me.
RG did take a couple of trades which I think he’ll discuss a little later when he posts his chart.
RG: Yeah, I did have a couple. I’ll tell you I was really looking forward to this session when I was doing the morning work but I had to adapt to trading them pre-market. I was in LOVE with at least scalp fading the 62/61handles which I did on the first push down and then the “real” trade for the single trade a day methodology was the fade of the 57 handle, which I mentioned pre-market I felt was interim support. Of course it failed as support but it did hold for my rotation so I managed a point from there. Short day though. Done before the bell. lol. Crazy volatility today. But just noisy and weird. It comes from experience I guess but when the market gives me that jumpy anxious feeling I just know better. I was really kind of half paying attention to it. NJ was calling stuff out and I was just like, “huh” – “oh yeah, right…”. I just wasn’t into it and as he said nothing was setting up right. Actually, the last couple days haven’t been great. It isn’t that we aren’t making money or booking losses, it is just that we are in big, whippy, volatile, doesn’t know if it wants to trend or rotate land and we tend to do best with a certain kind of rotational market. This ain’t it. I said to NJ that the ES has been acting like a cross between Crude and the DAX. Weird. Maybe there will be an arbitrage trade into the close for us. We shall see.