Tuesday Log – SOH

This was a SOH (sit on hands) type day. A real chop fest. Another day where we need to minimize risk, fade the channel and look for 4-6 ticks profit rather than points, which I must do a better job with. I was trying to force trades today, which was foolish. I got caught-up in the meat grinder after two hours of trading. Not a smart day and had a similar day a couple weeks ago after two days of low volume choppy market. Sometimes the need to trade over-rides my better judgment and only results in a losing cause. Result: -8.25

Days following a trending day are generally just like we experienced today. This was an observation I became aware of approx. 6-8 weeks ago. In the future I need to prepare myself better for days after trend days by identifying and planning my trades by either SOH or just take small bites out of the market.

An abbreviated day tomorrow as I have lunch date with my trading partners. There will likely be trade opportunities in the first 1-2 hours of the open and then a narrow channel until the 1415 FOMC announcement. I’ll be finishing off some BBQ and a couple beers as the afternoon session gets wild without me.

Trade Well !