The last two trading days have really been exhausting for me, I’ve had two days in a row as scratch days, neither up or down, actually I think I’m down a buck in fees. When a trader can squeeze his losing day’s into scratch days he/she is well on their way to trading mastery. I mention this because I did not post yesterday because I was mentally fatigued and wanted to take the day off. Today was going about the same as Monday and Tuesday until my last trade in CTSH short as the market finally rolled over for this afternoon. The market gaped down this morning setting the low of the day by 9:35 and began to rally into 10:00 setting the high and taking out yesterday’s high. We’ve been sideways into lunch with basically a sideways trend since 10 am. My first trade was in POT which I found on my gap down list. Pot gaped down at the open and proceed to fill the gap. Price action put in a double top on the 5 minute chart and proceeded to take out the low triggering a 5 minute short with a nice void below. Price action proceeded to bully and test the high, but never hit my stop and rolled over hard. Things were looking good for 10 minutes when POT put in a COG on the 5 minute chart and proceeded to rip upward again finally taking out my stop… I thought I had this play in the bag but the gap that bully’s got me instead. Here is the chart on my first play of the day in POT…
POT