Tough Tape

Today’s bounce came as unexpected as yesterday’s sell off, thus once more confirming that it was pure mischief to begin with. Regretfully it happened without touching any major support levels or signs of early accumulation, thus not affording us an opportunity to hop on the bus.

When deciding to become a trader you need to explore your limits, establish your pain threshold, and learn to accept the point at which it’s clear that you are out of your depth and it’s best step away and wait for another opportunity. Today would be such a day for me.

Although I would very much like for us to ride Santa’s sled all the way into X-Mas I don’t see how we could have caught a seat on the bus today. The early morning sideways churn was a coin flip opportunity but there was nothing to indicate we’d run this high today. If you somehow managed to get in then let me congratulate you .

Well played of course and whoever engineered this shake out is laughing all the way to the bank. I’m not saying this in a bitter way – on the contrary, I truly respect how this was done. Unfortunately for us steel rats this means we won’t be participating in early entries near high probability inflection points – for now. Perhaps this shake out isn’t done yet, but I have an inkling strong hands are going to drive this higher now, running every single stop that was placed near today’s lows.

No new setups today – I prefer to get exposed in easy tape. The current gyrations suggest that it’s best to wait on the sidelines for now. I’ve banked plenty of coin on the way up and there’s no need to force the issue.

It’s not too late – learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don’t waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Cheers,