12:41pm Been a pretty trendless morning. Main trade attempt thus far was taking a shot one of the early post-10am attempts for the hourly to turn back up but stopped out at 10:19am at 1299.75. Turned out to be a decent stop, but did result in starting the day with a larger draw than I'd prefer. Been doing some light scalping since then to cut it somewhat. 5 min & 15 min ranges tightening up quite a bit, so looking for possible afternoon breakout action. My guess is up based on the hourly, but tough to trade on a guess as lesser timeframes need to tip their hands on some volume.
btw, just responded to a request to post expandable charts ... I'll look into it, yet please keep in mind this is simply my personal trading diary and I'm not too focused on infrastructure :-). 99.999% of my focus has to be on trading and December 31. Essentially, if you're looking over my shoulder, consider it looking at my scribble pad.
1:23pm Perhaps it's down we go? VIX suggesting a possible price thrust down. Sitting on sidelines.
1:28pm Short ES at 9650; Stop 9800; Size modest.
1:35pm Best cover so far 9550; Holding small free-ride now with same 9800 stop. Sitting at 9375 in case Wile E Coyote visits with his anvil.
1:44pm Scratched rest of sequence ... market didn't react fast enough and too many timeframe trend conflicts. Was worth throwing some chips at pockets 9s though.
2:05pm Shaken and stirred a bit on that one. No market pace to speak of. Very "chippy" rhythm. No trades now unless a clear break. Very easy to get sucked into whipsaws.
2:44pm Closing the books on a modest ($4K) draw as I head into a 3pm meeting. Not too interested in much more slop. They could run it in the last hour again, and that would be fine to set up the A.M. OK with today's management and the cost of antes. Could have been a lot worse in this chop. September will here soon enough.
Tuesday, August 12, 2008
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