Every trading day you MUST have some concept of what to expect from the market. Your opinion needs to have some basis and then you have to formulate your game plan. That does NOT mean that we are inflexible. We watch price and we look for opportunities. Today my opinion was based on the fact that we are coming out of a holiday, the action the last few days has been choppy, we tested the lod from Fri and there is news pending the rest of the week that traders are likely to wait for. All of those factors told me to expect a slow day with two-sided movement and little to no pace on light volume. If you don’t conduct this analysis, you start everyday expecting perfect trading conditions. You jump on trades early and then you wonder why your trades are not performing.
October 5, 2022