Big Candles

I've been working on holding back on any trades except for the C/O and gap set-ups during the first hour. The volatility is generally too great and it's to hard for me to change my mind in a fast market.

Lately I have found much more consistency and success after the first hours range has been established and the market settles down. Combo plays can be a clue but I'm finding I'm much better off waiting for "easier" set-ups.

Gave a shot at a long (long-shot) in the 1118 support area after a potential set-up appeared but the market wasn't ready to throw me a bone. Got stopped out and waited for the next trade until the 1112-1110 bottom was hit and tested before getting long and riding the entire position up to 18's with 1.25 trailing stop as I had to leave for the afternoon matinee of Avatar (awesome movie).

There was a gap fill from 12/31-1/4 of 1119.25-1113.25 that was hanging out there until it filled today. Should have been a clue for me before getting long at 1118's. The short play once the support in the 1119 area was tested and broken was the trade to ride lower before considering the long.

Watch out for BIG candles and the first hour. They can be a menace to planned trading...at least for this trader.


Trade Well !