Only took a couple trades in AM as I prepared to participate only in the morning session. First 30-60 minutes was confusion factor as EOW, EOM and eco reports contributed to high volatility. Got in on a couple of scalp trades which was ill-advised due to the quick reversals and difficulty getting a read on what the market wanted to do. Result: -2.0
Tried another long and then a short trade but basically a scratch. Could not hang around after 1130 due to some obligations and as it turns out the day was a 3rd trender in a row. The liquidity has been there as well as the opportunities.
Something that is very clear is not to get caught up in the high volatility swings as was the case in the first hour or so. Long shadows on most 5 min bars with 4-8 point ranges. Unless we capture a fill on an extreme edge, develop a quick profit with a cushion as well as have a little luck in direction, it's extremely difficult to trade this heavy chop. Best to wait for the next opportunity...and it will come. Just need patience.
Always consider views from different time frames. Larger time frames trump smaller.
Trade Well !
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