I let myself get chopped up today by not realizing the YM fell into a consolidation range between the 13425 and 13372 daily resistance and support. By the time I did recognize that there was no trend, I had already taken 3 trades in the consolidation range.
Today was a ‘normal’ day with no real trend. By ‘normal’, I mean a normal bell curve on a Market Profile chart. In the late morning the YM looked like it wanted to start trending up, but it was not to be. My software only spotted three trade setups and I only traded one.
What a monster day! Rarely do we get end to end trends like we had today. Most of the time when the YM moves nearly 400 points, it’s to the downside. Today was just incredible. My methodology netted 204 YM points per contract. This was one of the largest winning days I’ve ever had. As I begin writing this trade log I see the YM is still trying to move higher (3:40pm EST).
Today was a big up day attributed to news of a Dubai based investment firm investing billions of dollars into CitiGroup. The methodology was able to capture a few trades, but volatility became too high in the afternoon for my risk tolerance. For the second day in a row, the opening bar signaled a trade setup but like yesterday, I did not trade the signal; prefering to wait for the market to lose some volatility before starting to trade.
Back to earning a living… 🙂 Today started off kind of slow, but the market really picked up this afternoon.
