We felt edge-less today. We didn’t like longs as there are no good set-ups within our strategy parameters (need more base, moves are too Vish from 1077 $ES_F) and yet we were hesitant to short into a good-breadth trend-day (we did try a few scalps but only managed to churn). The close we thought was silly and spontaneously decided to put on a decent sized short right into the highs for a swing into tomorrow. Then we started second guessing and thinking well, next resistance is at 1219 and maybe we’ll get there. We hesitated, second-guessed ourselves, and ended up just taking 1 point profit on a very good entry on decent size ( currently ES_F is
For our type of trading we need full conviction. Our whole strategy is built around very clear patterns. Basically, if it’s not a lay-up, we don’t trade it. And when we do get into a trade that we’re not sure about, like today, we don’t execute well.
For further reading on the subject see http://highchartpatterns.net/daytraders-hang-with-your-own-kind/