Another interesting day in the markets. Great vol to accompany it too.
There wasn’t much econ data pre-market to start another short trading week, thus I wanted the market to play out as it usually does and show me a place where I could enter.
The ES sold off overnight before catching a bid pre-market and then sold off again to the ONL - overnight low before bouncing and catching a nice bid all the way to ONH - overnight high, as you can see on the chart above.
Then right at this level at 11.00 a.m. the market quickly sold off and on checking, it was Fed Waller’s remarks that sent markets south. The market once again caught a bid and rallied to ONH and when the tick candle could not clear ONH on four attempts I shorted the NQ at this spot and ended the day with 2R profits for the day.
It pays to be patient in this business. Of all the qualities needed in trading, patience might be the most important one. Sure, there will be days when the market opens and price gets away from you right out of the gate and you never find a chance to enter, but those days are few and far between. More than likely most days price will move or gyrate or stall but sooner rather than later price will come back to you and form your setup and give you an opportunity to make money.
This is like being a well hidden sniper in enemy territory. You want to be extremely patient for the perfect shot. You don’t want to waste your bullets lest your position gets discovered. Patience, discipline, focus to take perfect shots over and over. (sorry for the bloody war analogy).
Never forget you have total control over your trading. It is up to you the trader to take the best trades and not let your emotions hijack your process. Once you get to a mental place where you know you have total confidence in your trading process this will be the day, you have graduated from a struggling neophyte trader to one that is a professional trader that is in total control of his trading.
Keep plugging away and learning from your mistakes. Hopefully this day is not too far away for you.