Wed. 02/11/09 - No Surprises Today

Good news: my account at Infinity was funded this morning and was activated for Live trading towards the end of the day. Patience is going to be the key here. I need to put on a very limited number of trades under the right circumstances. For example, if I'm busy working on a project, or am crunched for time, I need to be disciplined enough to stay out of the market. I will also need to closely monitor my emotional state, and stay out when I'm frustrated or angry, which is quite often when I'm at work.

After yesterday's strong sell-off, a range-bound market was expected. Selling the spikes and buying the dips was the play of the day. I was able to pull a little over 5 points on Sim. I was long around 820.50 in the afternoon, and my auto target was hit at 824.50 for +4 points. Left a lot on the table on that one, but I was busy with work, so couldn't actively manage the trade.

Not that market direction makes a difference to traders, but I'm really hoping 819.50 holds and we stabilize here, although I think that may be a pipe dream. If 819.50 breaks, my next set of prayers go out to the 806s and then finally the last line of defense, the 797.50s. That level absolutely has to hold in order for the bulls to remain faithful to this market.

Gap filled in 1st hour


ES/TICK (3-min)

Notice the TICK had trouble getting over the zero-line for better part of the day.

ES Market Balance (5-min Day Session Only)


TF Market Balance (5-min Day Session Only)


TF/TICK (3-min)