A cool-down session, twenty-four hours before the Fed
The read going into the open was that nothing would hold a move ahead of the next day's rate decision, and the morning delivered exactly that — a tight range where a fifty-cent bounce had to be fought for. One Oracle long was worked patiently off the previous day's low, stop trailed up twice, and taken to target; everything else, including a thin-stock short and a late Amazon bounce attempt, was a paper cut taken at reduced size. The desk finished red, and did so having been told at the open not to expect anything.
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From the room
“So lot of trading is not giving it back.”
The best trade on a nothing day? Sometimes it's no trade at all. Dan on patience and protecting your mental capital.
“If it's not absolutely clear, it's not, it's also not worth taking.”
On days that feel like a coin toss, take small size or nothing at all — and save your mental energy.
“Many nuances have to line up to make sense to take the trade.”
Dan on why a trade with counter-nuances is often best skipped entirely — before it messes with your head.
The morning in figures
Net points are per share. Apply your own size to get your own number: at 1,000 shares, 1.28 points is −$1,280.00. At 100 shares it is −$128.00. At one share it is −$1.28. The desk publishes the move, not a dollar result, because the dollars depend entirely on how you size, and that is your decision rather than ours.
Every trade called that morning
Losers included. Rows with more than one leg were scaled out; open any row to see each exit.