At the end of each day, moments of “what the heck happened today” or thoughts of “I can’t seem to trade myself out of a wet paper bag” flood the minds of developing traders like myself.

As is always the case, Debbie looks back at the charts for answers. In this case the SPY tells the whole story.

Monday (2nd): Spy opens strong, takes out opening range,  turns and sells off breaking previous day’s lows, loses its mojo down, and bounces back up and trades in the daily range from around 1:00 PM ON.

Tuesday (3rd): Spy opens in the middle of the previus day’s range.  The days price action  starts, remains, and finishes inside the day’s price action which was inside the previous day’s price action.

Wed (4th): Spy gaps up (above the previous day’s price action and trades in its daily range all day and then gets wild and crazy due to FOMC announcement. But despite announcement price action remains inside the day’s range.

Thurs, (5th): Spy opens strong, breaks out of opening range, trades sideways from 10:45 till the end of day making highs by a few cents at best and then pulling riught back into the days range. At 3:45 ish the Spy took out its high of day and closed close to it.

So, basically we have been range bound and even when there is movement such as in yesterday it certainly cannot be considered clean price action.

The bottom line is much of the opportunity presented this week has been stock specific and/or available but whippy.

If a trader kept losses small or has small gains then I would consider that a success.

Where should our focus be?

We need to keep focused on the important thing which is ….

With all of this challenging price action presented this week there is surly some  nice, smooth, methodical price action is right around the corner . Our job is to keep things tight until then and then kill it when we get it!!

Profitable trading all!

Debbie

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