Trade Strategy 7.23.13 Beach Party

The summertime slowdown is in full force with narrowing ranges and volatility. Perhaps it’s a good time to plan your “beach party” and go have some fun in the sun.

If you are a diehard trader that just must stay in front of every up and down tick then at least have some lemonade to help ease the boredom.

As for today’s trade strategy: Marginal overnight new high pushed into X-Zone without any continued appetite from the buyers…Price currently is about 3 handles off this high. Prior Day High (PDH) 1694.25 is the necessary marker for the bulls to stay above in the Pit Session…1700 remains the target for bulls…Failure to do so could attract some new selling back down to 1690 initially and possibly back to Prior Day Low (PDL) 1685.50.

Though the path of least resistance remains upwards, there always remains a chance of reversal happening at any time. Since volatility is low, it’s best to reduce position sizes for those multi-contract traders.

Time to have some fun!

Good Trading…David

Habitude Two
I am detached from the results. I think in terms of the process and the validity of the process. I understand that I am more than the trading. I do not tie a fragile ego to any day’s trading results. I have faith that over time I will make money. The results of any one trade are statistically unimportant. I think in term of probability. A single trade says nothing about me as a person.


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