Trading for 28th July

Here is my journal from the 28th July

Today we have no major news releases so we are left to continue on from Friday. We are currently at the 1254 area and look to open in the 1250-60 congestion area. I am skeptical of any trades in this area so unless there are some clear signs for a short at the 1258 area I will avoid it. Otherwise long trades will be in play above the 1263 area. I am taking the casual approach again this week.

9:45 We have pressed above the 1258 resistance area and showed some hesitation. The Tick and volume didn't give any clear signs of reversal so I stuck on the sidelines watching. I don't like this area in here so I am going to let it pass me by and wait for some less congested price areas to deal with. The Tick is showing some pretty positive action by stocks at this point and volume moved up pretty well when the market moved higher.

10:15 Having a hard time staying awake at this point. Market action is in the 1256-60 area which I am avoiding as it is too messy for me. Volume has been declining from the open which tells me either we don't like higher prices or we simply aren't willing to commit to anything in this area. the Tick has been making higher lows showing an increase in buying interest at this point but its hardly been strong on the upside from where I'm sitting.

10:49 We have moved down from the 1260 area to roughly 1254. This is not really a market suited to my trading so for now I sit on the sidelines waiting. The Tick has begun expanding a bit which is a good sign for some loosening up of this market. Volume is still pretty light which confirms for me that traders are hesitant to enter this area on the market with force. We have made a possible double bottom in the market though it doesn't appear very strong in the sentiment department.

11:48 We have spent the last hour moving down without a good chance for entry on the short side. I guess this means today will be a sidelines day. The Tick has moved into negative territory and refrained from hitting the positive area strongly. Volume is still pretty light on the day though at the extension of this downward leg we are seeing growing interest as seen by volume. Possibly gearing up for some sort of bounce?

12:13 Bed time. This market left the station without me and wasn't pleasant enough to offer me a solid entry point. No worries. I am happy that I stuck to the plan by staying on the sidelines as my plan wasn't suited to the days market.

Daily Wrap Up

Today was a good display of keeping out of a market that doesn't suit my style. After some initial buying at the open we turned at the 1260 area and became a trend down day. Being that we were still in the 1250-60 mess area I chose to stay on the sidelines.

The market took its time breaking the 1250 area and then I was unable to find an entry beyond there. That being said, I am happy with my performance today. I stuck to my plan very well, I was looking for a possible short at 1258 but we extended beyond to 1260. There wasn't any strong tick or volume extremes so I hung back.

These strong trend days are not suited to my trading unless I get on early. I do have guides in my plan to take them but right now I am sticking to the s/r levels mainly. For following my focus I am giving myself an 'A'. No trades today but I followed the plan.

On another positive note, the bugs seem to be fixed with the latest update of my trading platform which is good news.