I was doing some other things, but did keep my trading platform open for the majority of the trading day. Here’s my context chart (about 28k share bars) on ES:
As you can see… pretty choppy, lame day. I did make three trades for three wins, but it took a ton of patience. But, what’s cool about having a context chart (you can also use point-and-figure charts or even something like a 10-minute chart for this purpose), is that you know that you are going to need patience. Even from early on, it was clearly looking to be a kind of painful day… the moving averages were all right in the middle of the price action. To me, this means that it’s time to break out the counter-trend plays and fade the moves. At least until you see a high-volume breakout.
Anyway, I hope you had a good trading week, and have a good weekend!
