Today was a tough trading day if you were not long at the open. There was a lot of upward structure. Everything felt like it was going to up. However, the overall market structure of the past few days gave me plenty of reasons to attempt a short at 899 this morning.
It was a well executed trade that did not work out. All I can do as a trader is execute consistently. If I do that, I know I can win.
The prep had 2 scenarios today. I have not posted too many of these but they are fairly common. The market does not always have just one readable outcome that is clear. Today there were 2 that were equally viable.
The #2 scenario I described was almost exactly what happened. I traded both scenarios based on the structure that came in. Short at Resistance for a loss and short on a pull back after the morning extension failed.
Of course I would have liked to see the price come all the way back for 886 for a huge winner but it generally does not work out exactly how we want. The important thing is that I knew what to do and I could push the button with confidence when I had to.
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