'Trading is a process of observing the market's action until such a time you can find and form trading ideas and get involved.'**

Saturday, September 1, 2012

Friday's Market Trade


The market made an upside move in the overnight session only to make it choppy in the regular open.

Not quite a tradeable market but a scalping system of trade.

Notice the pattern, it's like a "sling shot" (y), seems trying to send a message that the market might hit/attack you if you are not ready trading Friday's market.

Lots of volatility, partly because of Bernanke's Jackson Hole meeting.

Was able to trade this one after 10:00 am. ET but my first trade flopped, got stopped out.

Able to recover after then when it consolidates and the price action turns favorable.

Exit my trade (in-between the breakout) for I profess Bernard Baruch kinda' trade, "I make my money selling early"!.

After that, the market turns choppy till the close.