You know, usually I take Tuesdays off. Not for any market reason… it has to do with the way my social life is organized. Today, though, I didn’t have a lot going on, so I opened my trading platform. And, what do I get? Buckets full of lame.
Now, I guess if you’re the type of trader that can get long and stay long all day while price drifts up, then you are probably happy. But, a trader like me wants more than a drift. I want to pounce on big swings. Just look at this chart:
Yuck! Price weaving around the rolling VWAP like a drunk driver. No real opportunities to take. I eventually found a short entry I liked (keep in mind I’m just trying to scalp on a 233 share bar chart… there are usually plenty of entries to take!). But, price found support and bounced back up. Using the volume splitter, I was able to stay cool and wait for a drift back down and got out for +1 tick. Lame!
Then, I realized there’s a FOMC statement in a couple hours, and just shut everything down. I guess I get a day off, after all!
I hope you are doing well. Be careful, out there.
August 5th, 2008 at 6:16 pm
Isn’t it interesting how different trading styles will look at a particular day? I averaged $800/contract today buy going long and waiting for the close. I’m pretty darn thrilled!
August 5th, 2008 at 7:44 pm
Glad to hear it! Like I said in the post, it’s definitely a day that buy and hold traders can enjoy. I just don’t have the patience for that!