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Archive for October 13th, 2010

One of the themes throughout the last Jellie session, as well as since the latest bull leg began in early September, has been the market’s strong tendency to take out the last swing high once ES has proved itself to the upside during any given sequence.

It’s a pattern that EVERY ES trader should recognize else your head has been stuck in the sand (or a mine … and congrats to those rescued of course!) for the last many months.

It was over a year ago when one of the beta Jellies (that link is a good read btw in terms of market simplicity) coined the “STA” (Sense, Trust, Act) phrase to describe our job as traders.

Sense for interpreting the current day’s rhythm; Trust for banking on the high probability of the pattern; and Act for just taking the dang trade.

Such was life today as I visited the Tank today after trading alone over the past few weeks.

The signs were huge … including as noted in the transcript … NOT BEING ABLE TO FILL ON THE DANG BIDS!!  (Result? Buy the Ask … HARD!)

And so as we continue with our Trading After Dark infrastructure planning, the trading itself continues, and this morning’s transcript will have to suffice in terms of recap.

Categories : Tank Transcripts
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