Market Action Primarily in the Morning

Crude Oil & Russell 200  5 Minute Charts

Crude oil futures were quiet overnight, posted a rather narrow open range which we noted at 9:05am est usually portends a large-range or trend session. And indeed it did… as we predicted according to price itself.

Decent price movement from there until noon and that was it for the day. Like we said inside the weekend video… vast majority of sessions over time, most/all success potential occurs in the morning stretch. Whether you catch or miss is irrelevant: the market does not care. It moves when it wants to, and it wants to mostly in the morning periods.

Russell 2000 futures were narrow-range and open-range bound today. I finished the morning after several turns at -10 ticks, finished up +12 ticks after the late-day algo pop. Several small losses and pars were covered and exceeded with one lone +22 tick gain.

Cut losses real short, let success run farther than that. Focus on the day’s equity curve, manage your trades and trading actions around that. It really is that simple in the end.

Holiday Off
Banks and bond markets are closed for the holiday today. Weather forecast here is sunny and 60F for the last time this year before two weeks of cold winter weather sweep thru and settle in tomorrow night. I’ll be away from the holiday screens, out there in the sunshine and prepared for the work week to resume on Wednesday.

For more daily updates from Austin, visit his blog at Coiled Markets.