Crude oil traded most of its deliberate movement prior to the open of pit trading at 9 am EST yesterday. I happened to be at the charts early, or should I say the lone trade chart (not 5min) was running on my laptop early while I kept one eye on it. The other eye kept track of traffic and pavement ahead as I drove the wee morning hours many miles distant from my home office.
I have a personal project pending that will take roughly a week to complete, which includes a camera crew flying in from out-of-state for some professional dvd production work. To me it’s not work… it is play-time, it is what I do for fun, it is the end result of trading as my job and profession.
It’s good to have a job that permits freedom and flexibility of life scheduling. I don’t have to ask anyone for time off… when desired, I take it. In this particular case it was a compromise because I worked and played today. Short the CL twice from 106.40 zone around the 8am est hour before the pit session began, out for 0 cents and +50 cents respectively.
That ended my day as usual, partly because I had more important things to do than continue trading, and partly because my daily objective is +50 cents or better and done. So in both regards, it was an early end to an early start.
EMini indexes went nowhere at all as you would naturally expect ahead of today’s one-day FOMC event. Rather than the two-day saga which negates any real price movement for both days, today’s traditional session might actually offer one price oscillation in the morning and perhaps one or two more in the final hour. Overall range for the ES (not shown) in yesterday’s pit session was less than seven (7) index points. Someday it will be worthy of our time again… but that wasn’t the case today.
Thursday and Friday are triple-witch expiry sessions, which I personally tend to avoid. I’ll be back in-office for the balance of this week, with crude oil my primary intraday focus, special emphasis in the periods from 8am thru 11am and then 1pm to 2:30pm est. FX trading for me is all about taking the confirmed signals out of congestion sequences and holding for hours or days until +100 (or greater) pip objectives are met. You only need one of those per week to make the entire week worthwhile.
FOMC today, heavy slate of econ reports Thursday and Friday along with triple-witch expiry quarter. Pretty much business as usual: ignore the noise, trust the charts, trade the confirmed pattern sequences, quit “too soon” for the day when solidly profitable early.
That’s our job, and it’s a good one to have.
For more daily updates from Austin, visit his blog at Coiled Markets.