I may be done trading for the day. Period volume is in the upper range today and the market is not moving around all that much, volatility is down. Actually it looks like volume is slowing down near the lunch hour but still in the middle of the last ten day average.
I have had a busy morning on the phones but I tried to do some trading in between, not the best of plans. I need to have some almost mechanical entry guidelines when I am trading under those circumstances. The first trade was OK, made a few bucks playing the counter trend or reversion with a tight stop...completely against the TICK timing as there were other factors lining up and I was feeling cheeky.
Next two trades had a too tight stop, missed the move as a result, and a wrong entry.
I think I will go for an early (for me) lunch and perhaps see what sets up this afternoon. Market is ranging right ow around the VWAP and there are some decent small target setups as a result but I often get burned playing those as I want to play for the breakout that, more often than not, does not appear.
I do see that mechanical trading this morning would have worked out not bad so I think that I will revisit my rulebook and get these TICK trade setups nailed down tighter.
I'll see if there is anything worthy of charting later today.
Jeff.
Questrade, My direct access discount broker.
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