11:29am A bit choppy on the seas this morning as clean triggers have been few. Did OK in the Globex session but struggling a bit with the U.S. open as the best wholesale entries have fallen into what I call the "fade and wait" category, which is a blind fade on the extreme spikes and then a hold while the market takes its time to revert toward the mean or range end. Continuation triggers are tough since the market really isn't clearly trending on any decent timeframe and the trigger premiums eat into much of the profit potential, and even the 1 min charts have been sloppy. Pace and feel is incredibly important to me -- more so than chart patterns.
That early 8 point post-open plunge likely caught more than a few gap faders, although early and late day summer dogpiles shouldn't a surprise by now.
11:52am Bought a few tops and sold a few bottoms providing liquidity in this range ... not a good strategy :-). Laying low for a while. Don't have the personal rhythm today so shaping up to be a draw day. Goal for the rest of the day will be to keep today's antes and blinds cost manageable.
The 10am-3pm intraday opportunities continue to be almost non-existent as the summer gets late. September can't come soon enough. Having a hard time remembering the last time I had a 100-contract position on!
1:13pm VIX on the fence ... no help there.
This weekend, I'm going to think out loud about imperfection in the maketplace, and more importantly imperfection at the trader end.
2:16PM Looks like a blinds & antes round today at this end. Nicked up a bit ($4K) but not too bothered with attempts ... gotta get in the pool to swim. Tomorrow may not be much better in terms of volume and pace. Considering taking the day off if this keeps up.
2:47pm I want this pullback short! Sitting at 7525 and 7550.
2:50pm Took 7500 short. Cover orders in 73s. Stop on 1 min 3LB turn.
2:55pm Added 7550. Looking for a elevator drop. Lots of size spoofing and finally a range break. Shorted into a phony sized bid.
2:59pm Covering on the drop. Flat at 7250.
3:03pm Here we go again with the last hour. Careful Don ... not your strength. Not many market supports out there if this implodes. Watching.
3:10pm Doing some wholesale scalping; Strong 1 min TICK divergence last drop. Hmmm ... volume bars ... almost forgot what those looked like.
That might be it. Tough market when there's maybe just one or two meaty entries all day, and you have to be there and be ready to hit it hard. Could have sized larger, but tough when you've had chop all day. Very similar to yesterday in that regard.
3:22pm VIX sneaking up. Early Friday entries may not be bad after all. Flat and watching.
3:27pm Nice rhythm down here ... TICK very helpful on overextensions for short covers or quickie wholesale longs.
3:33pm Bottom falling out; VIX leading the way.
3:49pm OK; nice scalp sequences to end the day. Decided to trade when the market said to, despite the last hour. Who'd have thunk? Kept things tight though. Nice comeback to end slightly green.
Looking forward to the open.