Summary:
Ended the day at +$240, again, limiting trades to TNA and 200 share lots:
The day was shaping up very nicely - until the 12:15 Fed announcement (2:15 ET). Things got a little crazy after that. I think I will comment on today's chart - the trades were messy.
Details:
The morning was pretty dull and it looked like we were setting up for another day like yesterday. I came in short on the 8:50, I closed positive as the market was showing no momo; as it turned out TNA kept going down - but I think I made a good decision under the circumstances: the Q's were basically flat. I was calling the general market environment as a 'take-the-money-and-run' time.
I was set up for the short on the 10:55, and doubled on the next candle. I got stopped on a ninja candle (low volume, big creep), I kept the stop at the prior location - and got hit pretty hard as a result. I still felt the short and jumped back in, doubling again, and yet again, all on the 11:15 (NT marks candles by end of bar, so this would have been the 11:10 to 11:15 time frame, just prior to the announcement). I got stopped again. This move looked real so I went long (still oblivious to the fact that there was a Fed announcement). Anyhoo, stopped, shorted, stopped, then caught some of the action off and on. I was having a hard time getting a read and trading pretty sloppily.
I think the moral here is to be aware of the big news announcements? Not sure when the announcement ended, but 11:15 to 11:30 was very volatile - I read some direction which was probably a mistake.
Another lesson - watch the TICK for exits - the price points hit on the extremes hold for awhile. Case in point - a new LOD (TICK) was made on the 12:25, with the associated low price on the Q's holding till EOD.
Anyhoo.
Trade well.
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