Today is one of those days where I approached the market very cautiously due to options expiration week, and more importantly, options expiration day which happens to be today. Whenever we have options expiration week we have seen the market behave in an erratic manner which means we need to be aggressive with our exits to ensure that we lock in profit.
The market typically doesn’t run on days like today. The premarket today started off very strong to the downside which led me to believe that we were going to have a nice trending day.
Not so fast said options expiration
The market continued to give us movement within just a three point channel from roughly 8.30am EST to 10.30am EST. After 1030, the range then expanded to a four point channel. Glad to see the market was willing to work with us and give us an extra point.
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When you are able to maximize your profits and minimize your risk in this kind of channeling market you’re able to extract almost every point that the market gives you. Using the Congressive trading system, I still make mistakes, and the fact that I woke up late led me to leave roughly 2 points on the table in the early morning, that good Rio de Janeiro nightlife.
I’m out to prove that you don’t need a lot of volume and a strong trending market in order to make money day trading. The only thing that you need is to be consistent and have a strategy that is going to allow you to adapt to the ever-changing market conditions.
The one thing that everybody should pay attention to is the movement in the market rather than indicators, I could’ve traded today without any indicators because the market was that clear. I have been debating taking off one of the indicators and have been beta testing it in my own trading. You can see how I trade with very minimal indicators when I was posting these trade live.