Wednesday, May 20, 2009

Wednesday Notes - Flexible Day

4:00pm An OK +$6K chip gain on the day to keep the recent mo going, although I got a bit sloppy probing the ultimate late-day down move after the FOMC minutes were released, which capped the gains more than I'd like. I admittedly got a bit cute trying to get a head start, although I did manage to keep the probe sizes appropriate.

The morning gap and bear trap, which ultimately turned into a bull trap once the squeezed shorts stopped covering (remember despite the two-day climb heading into today, ES is still in a longer term range capped around 925), certainly required a flexible mind to stay in the black.

And while not a home run day at this end, I suppose I was nimble enough to avoid being among the squeezed in either session.


steve said...

Today was one of those days I wish I did not have so many morning duties. With big moves in the ES and EC, I did manage to get some tiny gains but I think the frustration got to me the rest of the day, and I kept remembering your line about the market not waiting for your schedule!

Chris Antonio said...

Hi Don,

My thanks for passing along the video of D.J. Gregory, (courtesy of Vic), from Monday. I am a believer that 90+ percent of our trading performance is mental. Witnessing a story like that adds perspective to my journey. It grounds me and provides me with a clearer mind. Both essentials to successful speculation.

Best wishes,


Don Miller said...

Steve -


A gap and run without that initial deeper pullback is also a tough trade in my view though, in terms of getting optimal high % wholesale entries.

I nibbled on it but didn't load up purposely.

But yes, if "living life" sometimes wasn't so disruptive!


Benjamin said...

Hi Don,
When you scratch a trade looking to reassess and re-enter etc do you work a bid or an offer or go at market?

Thanks and rgds

Don Miller said...

Ben -

Probably a little bit of both, depending on conditions, market depth, etc.