This post is for Fridays session December 11th where we saw slight gains across the board.

The market has been floundering for some time now and will break out of this range pretty soon. Which way is the question? The sentiment has gone a bit to the neutral side as far as bullish percent, which can give some additional room for a rally if it chooses and we have moved sideways for an extended period of time, which is and can be a way of correcting itself, by rotating from week hands to stronger hands. The problem at times with that is, the new buyers don’t have built-in profit like the previous owners did and will not be willing to take as much heat if things start selling off. That being said, the trend by all measures still remains solid and in-tack at this moment.

In the daily charts, the momentum is pointing down, with the weekly and monthly pointing up. With the momentum on the 120 minute chart pointing up, you will have to give the current edge to the weekly chart unless conditions change. So the current bias for the short-term is up, watching for the daily momentum to get in sync. We shall see.

My trading on Friday went well, it is not fresh in my mind right now, since I am writing this on Sunday evening, but I remember it was good. I think I only had one loss for two or three ticks but had several gains on the day. Many were in what I call scalp mode, since that was what the market gave me.

I remember looking at the open seeing that the first two hours of the day had more action and movement than the next 4 hours combined. The benefits and rewards for the early risers on the West Coast. I will get there.

I will be cutting my posts down in size for a little while because of the Christmas season. Maybe until after the New Year. The trading volume will be starting to slow pretty soon, sometime this week as well. It is standard operating procedure for this time of year. Anyone looking to get a few trades off and have the day pretty open, will need to trade the 1st hour of the day, after that, it is going to get slow. If you are not used to that and still working on trading discipline, take it easy. Trade early and leave, like everyone else. You will have more opportunities without putting your account at risk as a slow-moving market can do to you.

Traders will start to look for trades, never a good idea. You need to let the trades come to you. When in doubt, I always say, “Trade by exception”. That means don’t even think about taking a trade, just forget it, only and unless it is jumping out at you with a screaming “Buy or Sell”. That way, you will not have as many mind games to deal with, trying to make or will something to happen, where and when it does not exist.

That is good advise to those who can find it within themselves to take it. This is especially true if you find that you are struggling to get it together, maybe after a drawdown and you are looking to come back. Take a deep breath and relax. Then follow the above advise.

Well, that is it for now. I will be back on Monday with an early post. I will be doing some visiting this week and plan to hit it as early as I can and keep moving, stick and move. Well, thats the plan?

Good Trading !

Related posts:

1. Trading Tuning Points – S & P Emini & Two Stocks, Video !
2. Emini Trading Course
3. Listen to Price Action while Day Trading

Tags: Day Trading, trade by exception