Monday, August 25, 2008

Day in review

After the opencall, there were two nice entries. One in A period as price tested the VAL from yesterday or in the B period as price retraced to the open price. Very nice conviction on the part of the sellers. As a market profile trader. one could be managing the runners all day. It was not an easy day to hold positions though. Especially if you are like me and trade just a few contracts. Global saber rattling, crude oil, financials and materials played in the minds of investors. Trend days are tricky to enter into a position. They also don't telegraph their moves like today. If you were able to hold a short till the close of the session, hats off to you. I couldn't. The big question is though, did you take it home? why and why not? I am strictly a day trader but these questions are relevant for us as well.

The test of the 63-64 held but it happened towards the EOD. A lot of silent buying and selling. It was probably a high risk low reward trade to buy the 64s. But for what time frame?

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