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Quiet Trading Day today

Wednesday, 07 September 2011 16:15

This morning's blog was about a particular setup, the S3/Pivot Point support setup which to me has a high probability of success. Unfortunately the day turned out to be a one sided market with no pullback and a clear R4 breakout at about 10:30. Fortunately I do not violate what the pivots are telling me so I did not get short, but rather I flipped around a few stocks that I was looking at for resistance and used those same levels as support.

SNDK, GE and BIDU were the only trades of the day for me, but they were all profitable and all afforded me an entry point that was solid. Some days it is just better to let the markets trade and be patient. I have a very specific strategy and I do not deviate from that strategy, the more clarity you have in your trading, the better off you will trade. Most of the time my strategy gives me a large number of trades and I think tomorrow will provide a number of setups, but today the market was just too much in the middle of the range and very little presented itself.

Meanwhile a positive day for my trading, I added two new students to the training class and I got a haircut. All in all not a bad way to spend a Wednesday.

Happy Trading!