This week has been an exercise in patience AND diligence. It is easy to simply be patient, passive, and non-engaging. But to be engaged and ready to act when your number is called is slightly different.
For me it requires frequent small snacks to keep myself from becoming hungry aka distracted. I take a mandatory break from the screens entirely and do some basic calisthenics—squat jumps, planks, and a stretching routine. I also deploy a variety of audio alerts to certain market conditions.
Then I sit, and stay calm, and when the time comes to engage I do so, then back to sitting. It is paying. A big part of trading is sitting—I think Livermore said something of that nature.
Oil managed to tag my lower threshold today which was interesting, but it was snatched up. The two way market continues.
Despite the bigger range today, there was still little one needed to do in the Nasdaq. I took a few trades early on and missed the 12:30pm ‘dip’ by about two ticks—such is life. I am very selective in this slow environment because there’s no sense blowing hard fought gains when there won’t be many opportunities to recoup. Today felt like a trend day by 10am and even more so by 10:30. It is more of a P-shaped short squeeze but the unidirectional nature of it whispers trend. I am still working the hypo 4 measured move target at 4417.50 thesis.
The reasoning behind strict plan adherence becomes evident when you reap the benefits.
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