Day Trading Update October 11, 2011
Wow what a slow morning! We opened up sideways, and stayed sideways pretty much for the first hour! We did have one or two breakouts to the high side, but basically flat. No volume, no volatility. What’s a trader to do?
Trade EET trades! Our Early Entry Technique Setup works extremely well in this type of market environment. I admit, I thought we would have a stellar day. Yesterday, Columbus Day, we did not trade, but the market rallied quite nice. I expected a lot of movement this morning but it simply was not there.
A good emini trader is one that can see what the market is doing, adjust appropriately and trade more effectively! Some will call that “SUBJECTIVITY” I call that SMART TRADING. Let’s face it – anyone can go long and put in a 2 point target and sometimes they’ll do good, sometimes they’ll do bad. I admit, I am not a big fan of subjectivity, however, in small doses, IT’s a good thing! This is what sets The Tick Trader System apart from all the rest! It adjusts.
Now, because I brought up the subjectivity issue up, let me further go on by saying this: Our entries, our setups, are NOT subjective. However, looking at the market in a 2 point range and adjusting a 2 point target down to 1 point is where our little dose of subjectivity comes into play. So if you were to ask me “is your system subjective….” My answer is “.. to a certain degree, yes. When it comes to entries, setups, limit orders, etc, absolutely NOT. When it comes to exit targets, yes. It is!”
Don’t be fooled by believing you can trade 100 percent mechanically and have the results we do. It won’t happen. The markets continue to evolve day in and day out! No two trading days are the same.
Oh. Almost forgot.. Today’s Emini Trading: The past few weeks we’ve been knocking off several points per day. Today we recognized the sideways action. We took a quick Pullback trade that made a profit (only on a partial for me) and then a quick Super EET trade for 4 ticks. We subjectively decided to STOP and be happy with our daily income of 1 point because the market(s) are SLOW and SIDEWAYS!
That’s enough for today!
Cheers
ETS
Emini Trading October 11, 2011
