Tuesday, August 21, 2007

Aug 21 $400 on 75c Choppy Trading

Today I had a lot of stops hit and I did a lot of churning. I made money because I had short stops in place around 12:30pm; the time of the sharp reversal when we were near the HOD. I was about breakeven leading up until that time period, so I'm doing good by always having stops in place in-case of a quick reversal move like we had then. I could keep trading for another hour, but I think the market is going to continue to chop for another hour, so I'm off to other business. My goal this week is going to be putting in more time analyzing volatility spikes, block trades, and intermarket relationships. I also want to drill down the trading psychology behind the moves that I see on my chart; moreover, I want to ask myself, is this market non trending and are volatility spikes a result of stop running, or are there LARGE active participants in the market that are controlling the market in a trending fashion. Today's trading action presents itself as a choppy, stop running type of day, with significantly less volume and sharp spikes due to less professional traders in the market place.

P/L= $400 on 75contracts


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