Friday, August 15, 2008

Friday Notes - Removing Chips From Table

9:32am Not sure I'm going to trade ES much today ... we'll see what the charts provide. Energy level still a bit drained (got to find better ways to revitalize myself as the year is taking its toll a bit ... remember I stink at taking vacations and am also balancing this with daily non-market obligations). No doubt I could use some serious R&R this weekend, but there will be time to rest after 2pm today ... and then a long mental break at 12/31. Let's put it this way, I'm not going to force anything today (should I ever??). Jumping the gun on the DAX breakout signal was a good reminder to be patient. Going to let the market make its move first.

10:27am Ha! Fooled the market into thinking I was going away. Nailed a nice short scalp sequence on the drop off the early morning cliff, shorting 94-95 and covering 92-93 with a final teeny portion stop at 94.50. 3LB had gone short and there was immediate resistance at 96. This could break down further as that morning climb attempt was pathetic ... deja vu to the DAX?? 5-min consolidating now though so keeping it to scalps until the market provides more info. Blood seems to be flowing at this end a bit ... a good sign. Wonder where that came from ... maybe one final Friday energy push before I collapse at 2pm! Sleep? who needs sleep!!

10:40am Seas a bit choppy though ... need to be careful. So far, seems like a possible "fade the extreme" day as ES having a tough time deciding where to go.

Have had a good morning ($9K) and chip gain is at its peak for the week and WILL NOT GIVE THE MARKET BACK ITS CHIPS! Nope, can't have 'em, ain't gonna get 'em ... they're MINE. And yes, I'm a bit punchy and running on adrenaline. It will be fun to read back through this diary in January when I'm sane again. Here's a visual on performance for the week:

11:00am Maybe too quick to judge the early weakness. Keeping open mind but in major gain preservation mode and not going to anticipate breakouts. Frankly, I hope the market goes to sleep so I can join it.

11:23am zzzzzzz. Calling it a week after watching that last false breakout. Only one ES sequence traded. Need to rest up, because beginning Monday it's back to work again to dig out of yet another hole (new readers may want to check that link to see what I mean ... everyone else is probably sick of hearing it). A reminder that this is the only chart that matters:

Lots more work to do and only 138 calendar days to go. In other words, there's only one leg left of the Men's swim relay and I'm swimming the anchor leg and trailing the French with two laps to go. I need to catch him.

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