Good Trading Today

I tried a long in GLOBEX early this morning. I got a little right and a little wrong. As time went on, we got a PERFECT Buy set up at 8:00. This is what I wanted to pass on, because the principle holds in many different contexts. I know from hard experience that when the market sets up a perfect signal after a lot of overnight action just before or after the open, that signal is a reliable fade. I'm having trouble thinking of times that it WASN'T a fade. So, what I did was bailed on the long (fortuitously at break even), and went short, despite the technicals flashing a Buy. It was a pure sentiment/pattern recognition trade, well outside of my "system". Still, what good is 35 years of trading experience if you're not going to use it? Right? Unsurprisingly I was nicely rewarded. Others who are used to trading by the seat of their pants might have made more, but I'm pleased at the profit as well as the avoidance of a stop out. The take away here is to look for really obvious set-ups at times when lots of people can see them, and preferably after a large number may have missed one or more trading opportunities. Those set-ups are almost assuredly good fades (though you should do your homework first). Best, Mark

Pretty hard to take those 8am prints seriously on any day Mark... Can't trust 61K contracts hourly we had today. That's just one crank of Uncle Ben's Perverted Printing Press... In fact overnight these stock futures pits are starting to look like the bond pits... All F'eds...

It was easy trading, Semi. In fact, I've said more than once, I'm sorely tempted to just drop everything else and just trade the night session for my own account. However, as much as you rely upon volume, I'd not recommend it to you. BTW, to correct, I exited the long at 9:04 and went short at 9:15ish. M

So you held over night positioned short Mark? Spy? Thanks O

So you held over night positioned short Mark? Spy?

Thanks

O

No. I came into the day early looking long. I bought and then when no rally happened, and it was late enough that the average trader was at his desk, I exited and reversed at around 9:00 am.

M