Tuesday, 3 November 2009

And away we go

One of my favourite comedians is Jackie Gleeson, "The Great One". His humour is timeless, clever and hilarious. When I was quite young and went to NY City for the first time with my parents, we stayed in the Sheraton Plaza where the Jackie Gleason Show did their rehearsal. I can still hear in my head the sounds of the June Taylor Dancers strutting their stuff a few floors above my room. It was snowing in NY and I was at the front door of the hotel waiting for a cab when suddenly next to me appeared George Jessel. I was lost for words and when our cab's arrived and the doorman called, all I could say was Jackie's own line: "And away we go", and we did.

And away we went today. The ES was very smooth and the market allowed both K. and me to achieve a nice harvest. After Friday's big move, the odds were that today was a range day. I only stopped trading when I ran out of puff. K. was full of energy but presently we still trade together so she stopped too. The chart below shows it all. The day needed a lot of focus as there was a lot of changing of direction. Evaluating order flow using the tools meant that I was preparing myself for reversals and not just looking for continuation. Using range bars means that you can qualify the activity bar by bar with the noise removed.

Click to enlarge

K. was still entering a little late on some trades and getting faked out too early on some others.  This is fairly normal in the development of a trader, My job is to make this period shorter and I'll talk about how in other posts.

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