4:25pm True to my word over the weekend, I traded minimally today -- actually the lightest I've traded all year at 150 x 2 ES contracts with no Europe trading. (Yes, that's one hundred and fifty and my broker is still looking for me.) Simply put, I decided to let the market tip its hand for much of the day today -- especially given the large gap down -- before dipping more than a few toes in the water. And not only did the market tip its hand, it cut them both off with ES down 80 points on the day!
The result was a very modest +$7K chip gain on a large trend day that often causes major problems for those of us providing market liquidity. More importantly, it was simply another personal step toward the all important December 31 mark. All eyes now turn to tomorrow's (yes, here we go again) possible morning-after-trend day action.
I was considering the 3pm retracement toward 15-min resistance as a heavier short, but passed as I preferred a double top or further extension given the extent of the day's drop, and we only got the single short-lived spike.
Frankly, the best part of today was that it arrived. Weekends can be trading momentum killers, and long weekends can seem like forever for those of us trying to maintain some sort of rhythm. At this end -- if it isn't ridiculously obvious via the weekend posts -- I had way too much time to think and just wanted to get back to business, even if it was to observe and participate minimally.
Another day, another step forward.
Tomorrow should be interesting and I'll look to get my game face on.