ES Hourly & 5min
Today's all about scratching trades.
It's almost an hour into the trading session now and gap's still wide open. On the hourly, ES seems to have completed its 2nd leg of a measured move down, and trading above 815.
I ought to be buying. Maybe I do get a kick out of catching a falling knife.
Am staying out.
I'm not going to trade against trend (yet to figure out what it is, since bears are not particularly aggressive, and bulls are merely supporting - or maybe it's just the bears selling and covering - anyway, market's just a mess), but neither am I going to trade against my plan.
I know better than to simply ride with whatever that comes along. I much prefer to surf only familiar waves.
Today's waves are just crappy - for me.
It's almost an hour into the trading session now and gap's still wide open. On the hourly, ES seems to have completed its 2nd leg of a measured move down, and trading above 815.
I ought to be buying. Maybe I do get a kick out of catching a falling knife.
Am staying out.
I'm not going to trade against trend (yet to figure out what it is, since bears are not particularly aggressive, and bulls are merely supporting - or maybe it's just the bears selling and covering - anyway, market's just a mess), but neither am I going to trade against my plan.
I know better than to simply ride with whatever that comes along. I much prefer to surf only familiar waves.
Today's waves are just crappy - for me.
Profit: USD 100
4 comments:
The markets are probably waiting for tomorrow's unemployment numbers before deciding what to do. The patterns you mentioned in your last few posts will probably play out after the numbers (or not). I don't watch the ES or TF, but currencies markets aren't doing much (except Yen... WTF??)
Yup, non-farm is a currency trader's dream - or nightmare, depending on whether you're on the right side. Some put trades on both sides, let the losing leg get stopped out, and focus on taking profit on the winning leg. Very quick fingers needed. Mine's too fat to play.
The patterns have already played out, and I'm not in trade. Just one of those days...
Thanks for dropping by! And all the best for tmrw's trading.
PS. Yen's my favorite, GBP's next :-)
Many more opportunities to come, miss the bus, just wait for the next one.
Trading non farm might give me a heart attack :D Seriously, I probably won't because my brokers widen their spreads too much for my liking.
-NTRT
hahaha...NTRT, some brokers state it quite implicitly they don't encourage scalping!
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