Monday, April 6, 2009

Monday Notes - Trade Canceled Due to Indifference

3:30pm Well, today's Red Sox opener was postponed due to rain, and so similarly I'm canceling the rest of today's trade due to indifference as I didn't care much for today's pace and want to hang onto today's modest +$4K chip gain before doing something stupid.

Most of the net gains were provided in the morning session by trading a couple of 5-minute pullbacks short, along with some teeny 1-min trend setups where I stuck around as much as Dennis Rodman at a black-tie formal ball.

And with many intraday charts screaming indifference heading into the last 45 minutes, I've decided to simply let the market break without me if it decides to, and if it does, simply focus on the morning setup.

Hopefully, the sun will be out tomorrow.

4 comments:

Kevin said...

Today's Red Sox opener was postponed due to rain, and so similarly I'm canceling the rest of today's trade due to indifference as I didn't care much for today's pace...

Here in Chicago, our Sox were postponed due to snow. You weren't the only one suffering from indifference. Don't know about the ES volume, but the SPY volume was the lowest in almost two months.

ryan said...

Today's pace was terrible. I traded from about 10:30 PST to 12:30 PST and the market didn't want to break its ~5 point range.

Made it out alive and in the green, but frustrated.

Henry said...

Day was strange to me. Market found no sellers below yesterday's low after gapping down.

Market then makes this incredibly labored climb upwards to make a new RTH HOD.

After a day of consolidation and "sideways", do you expect more sideways or expect a trend? (or take it as it comes)

I know you are a big fan of watching out for "morning after trend" opportunities. What about the day after consolidation?

Don Miller said...

Henry -

No particular projection aside from "the more the market stays the same, the more likely the pace will change".

Will try to stay flexible.

Don