Happy Halloween

Friday Log - Trending Liquidity on Different Time Frames

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 !

Thursday Log - Late But Good to Wait

Got a late start today. Did not get in front of the trading platform until shortly before 1000. Quickly identified overnight price action and the first half hour of the regular session. Found the respective angel and demon in play and sized up the current price level. After watching for about 5-10 minutes, I felt the market and took a long from the 48's shortly after 1000. Set scaling targets of 52's and 54's. Got too impatient with the 54 target as it hit my order level but was too deep in the queue for a fill. Result: +8.00

Tried a 1:2 ratio short scalp around noon. Went short at 53.75 looking for 2 points but expecting market to continue up due to strong internals. Price dropped about 1.25 from my entry and ended up getting stopped out. Result: -1.0

The last couple days I've waited and sized up the market 15-30 minutes before entering. I continue to monitor the FF and first hour targets on the EWS spreadsheet and continues to provide good guidance for targets. Had to leave after my attempted scalp trade so that was my last trade of the day.

The new planning sheet is complete and now I'm getting familiar with working with it and determining how best to use/prioritize the information. I continue to focus on combo thinking and letting the trades work although I could have done a better job with my final trade leg. Good to wait and get the feel for the market.

World Series is in full swing and enjoying the games so far. The teams match up well on paper and hoping to see some good games. Can't wait for the series to get back to the National League park so we can suspend the lousy DH rule for the next 3 games.

Trade Well!

Wednesday Log - Be Prepared

Took the first trade at 0945 as I anticipated price to touch 59-60's. Filled short in upper 59's and quickly scaled 1/2 in 57's. Housing report due out at 1000 so had a bit of a cushion and profit to let remaining portion ride. Had heavy target of 52's planned as I anticipated test of overnight lows. Worked the overnight combo range as guide. Result: +9.25

Tried a couple of low risk scalps in lunch session but many distractions during the day. Call the two trades a scratch. Getting more of a scalping mentality after primary move. Been trying for too much during lunch/PM sessions and need to just go for the 1-2 point moves. Watching combo moves during slower periods and seems to be strong indication of opportunity.

Expecting continued volatile market the next couple days as we close out the week and the month. October 28 and 29, 1929 marks one of the great drops in market value in history. October has a reputation for big moves. Good traders anticipate what might happen, what could happen and what to do when something happens. The motto of the Boy Scouts serves traders well..."Be Prepared".

Trade Well!

Tuesday Log - Limited Participation

Tried one trade late in the morning but hit the wrong side. Went long when it should have been short a point from entry. I'm struggling with a bit of a psyche challenge lately. Not sure what I'm seeing, how to react or getting a feel for the market. Amazing how one week I can trade well, another week not seeing the trades as well. This consistency thing is a tough nut to crack. It's all between the ears.

So limited participation in the market today, finished my new planning worksheet and used it during today's session. I realized to tweaks to the system I need to make to the tool as well as learn to interpret the information plotted. Very promising though.

Trade Well !

Monday Log - No Rhythm

I could not get into any groove today. No trades taken although I had a couple set that were not filled. Short post today as I work on my revised planning tool which is 90% complete. Plan to put it into action within the next 1-2 days.

Be aware of EOM/EOW price games during the week.

Trade Well !

Rush - Free Will