So there is not alot to go over as we spent the entire day in balance. We essentially had a 5 point range that left little opportunity. The primary objective of the day was to look for a long from a healthy rotation lower. It simply never came. The closest opportunity was an aggressive long just below half gap & I missed that fill by a tick. ES failed to follow NQ higher and we also failed to take out the old high. The inability to take out the new high is interesting, it should have been relatively easy to do. From a trading perspective, there are some days that are simply not great trading days. Its ok for the market to take a break. I personally do not feel compelled to trade all markets. I have a specific strategy. I trade leveraged concentrated positions when I get high odds setups. If I do not have a set up that meets my requirement, I keep my capital, my lifeblood safe. If I feel as if I have to trade, that leads me to forcing trades and ultimately loosing money. Instead, it was a quiet, no stress day. If we gap down tomorrow or trade and hold below 1800 the short side could get interesting. I am open to it, but I have to see something first. In closing, a successful trader day in day out has 3 things. 1) A proven edge, 2, a written trade plan to exploit it. 3) a journal to record both emotional reactions and feelings surrounding both wins and losses. The profits flow from the process. Remember, be not the bear nor the bull. Be the hunter. See you all tomorrow.
MARKET PREVIEW FOR TODAY.
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Trading of securities, options and futures may not be suitable for everyone and involves the risk of losing part or all of your money. Commentaries are educational in nature and are designed to contribute to your general understanding of financial markets and technical analysis. Use it how you want and at your own risk. I am not a registered investment adviser. This information is a general publication that reflects my opinion and is not a specific recommendation to any one individual. You must consult your own broker or investment adviser for investment advice. Controlling risk through the use of protective stops is essential