Jun 242010

It has been a tough week for us. Not due to losses, but due to an inability to find any non-scalp trades we like enough to make some real money. I suppose I should be thankful that we are already at goal for the month in all the single trade accounts though. We have been on quite a run since April actually. In any case we shouldn’t be having many trades. Why? Because if I do my job right analyzing macro stuff and congruent market stuff in real time I should be able to stay out of bad trades. The market has been trending a lot short term off the open to the outer levels and since we don’t trade until the second or later push once we know the market is respecting a level we just don’t ever get in. It just pulls back once and keeps going. We have had a lot of that lately around our levels before 11AM. We did feel great about the 84 handle today and you will note I called that the new rally was done as of the open, but the problem was we opened right into the level and we didn’t have any anti-momentum play set up with the locals because retail was smart enough to wait it out and had no reason to try and chase long. There were good scalps there and at 79, 77, & 73-74 though. Here is what the opening swing looked like…

 Posted by at 3:14 pm

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