What a mess the market has been yesterday and today. I had a scratch day yesterday with two attempted trades that I managed to get out safely due to “no follow through” NFT. Today price action looks about the same which makes trading very difficult and especially when I had no gaps on my list this morning. My plan B is always my 9:45 wide range bar scan that supplements my trading list and this is where I found STI. Price in STI formed a beautiful red 9:45 am wide range bar to the downside and then triggered a text book short with the markets first PSS. Even though STI trades rather lightly, I went full share size @ .16 cents with a target @ .03 cents. Price moved down rather quickly but the way STI trades, the 20 minute trade seemed like hours and when I hit my target I did not feel like sticking around to see if I could add and reduce to my play as the market was bouncing form it’s lows at 10:30 am. I took targets at .06 and .03 and finally trailed out of the play at .05. Price then rolled over and made what would have been a great add and reduce area, but the way the market is trading today, I have little guilt for not continuing my play in STI.
STI 05142014