Today required a lot of focus for minimal reward. You had to really wait for the spots and then the gains came fast and if you didn't book'em, you lost 'em. Nonetheless, waiting for clear TL breaks and tight stops, one could have safely picked up around 50 ticks.
The low volume was the first sign things would not be easy.
The important thing to recognize though was that the ADVN-DECN stayed near +1000 nearly all day, indicating aggressive buyers. Thus, shorting was not going to pay off bigtime. And hey, what do you know, incredible China trade data after-hours shows once again -- the market is always right.
I did catch that little short break midday but that was about it. I keep finding myself forming opinions when I should just be observing and playing the patterns. If the market wants to go up, it goes up. Oversold or overbought conditions are just opinions, not trading strategies.
The ideal day on /tf looked a little like this.
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| /tf tight range, small ball day |
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