|/tf 5 min candles on left; 1 min on right|
Another down day.
No suprise. Daily chart is in a downtrend and the correct mindset should be to short bounces into resistance.
Instead of 15 min. candles... one may need to adjust to hourly or, in this case, tighten up to 5 min candles. The trend is not only down, it's been accelerating, so the 5-min candle helps you see the bounces are stopping lower and lower.
Once again, my favorite pattern developed -- ye olde 3-bump and a short at this area would have been a fast and victorious payday. 100 tick plummet in less than one hour. You could have then gone out and enjoyed your day.
People on my twitter stream are now talking about bounces, oversold conditions, etc. A futures trader though, must listen to the only opinion that matters, the charts.
With the moving avgs. sloping down, there is only one correct course of action.
That said, the other chart of interest was the euro, /6e -- which broke out of its 15-minute candle chart and proceeded to open a can of whoopass on shorts. The action was identical to the /gc chart yesterday. So that certainly made shorts think... but the /tf was oblivious to the euro action.
I think trading futures is difficult because one has to correctly ignore a host of inputs: news, media, Twitter, your emotions, your opinions, your thoughts... and focus solely and -- act mainly mechanically in your executions.
It requires constant focus and an ability to overcome hours of boredom.
However, I think the reward of ending your day at noon with $1000 is worth it. If you pull it off.
Anyways... the weekend is here.
I recommend you get some exercise, do something fun, and spend time with people you love.
Good day to you, sir.