October 15, 2012
- in Uncategorized by schooloftrade
Monday Morning made us WAIT for +130ticks Profit
This morning was a true test of our discipline this morning to follow a plan patiently, not falling victim to our emotions as the day opened up VERY slowly. Today was the first day of OPEX, and even though Mondays do not warrant much concern (wait till we see Wednesday, yikes!) we knew that my day trading strategy for a Monday is always the same. Today we did a great job staying patient and waited for the market personality to tell us when the best times would be to trade.
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| Crude Oil Chart says SHORT |
Our first analysis on Crude Oil futures this morning told us the sellers were in charge, and they were, so we quickly tried to get into the trades short this morning. Our trades short didn’t make very much profits, seeing very sloppy moves to new lower-lows only to have the sellers then disappear and the buyers would move price back higher. Think of a slinky going down a flight of stairs, but bouncing off each step as high as the step before it. It was a challenge to stay in the trades today, even though we knew where it was headed.
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Read the Complete Trade Room Recap HERE
