Nice to start off the week on a positive note. Aside from being marginally profitable today was a complete snoozefest after the first half hour or so. Seems to be a reoccuring theme of late.
Managed to get myself into a bit of trouble after the opening trying to short. Kept position size small and was able to get out at breakeven on the first pullback. My instinct was to fade the gap (even though I know Monday gap fades carry the worst odds) since we had gapped sharply higher each of the last 3 Mondays. But once again the gap held.
In the early afternoon I nailed entries on (2) countertrend long scalps. The first came around 12:30 PM EST as prices fell and volume spiked. Got long on first break on 1000 tick chart, closed out a 1/3 early to partially cover costs and scaled out of the rest. The next setup I ended up closing early on because the momentum didn't seem to carryover. A few mins after I exited my original stop would've been filled.
And the last trade of the day was a short on a pullback entry around 2:30 PM. Again I choose to exit this trade just a few mins after entry because I no longer liked the setup.
Clearly today I had better focus and was able to act on my ideas. Whereas last week I would've let the trades ride till either my targets or stops were hit. The trouble with today was that there just weren't enough setups.
Not sure what tomorrow will bring, but I'm expecting more of the same. Ideal scenario is another gap up opening, which I'll be fading all the way down.
Emotions Traders Don't Talk About
1 week ago
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