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Recognising the Type of Day Ahead

August 28, 2012

After an early loss and real whipsaw price behavior, I lost any conviction in the market’s ability to trend, and stopped entering orders. The entire range for the day was in place within the first hour of trading, and after that we went nowhere. I have spoken elsewhere about the dangers of range-bound days where there is more volatility – as soon as I recognise this sort of day I know that the best thing to do is to stop trading.

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Daytrading Chart 28th August

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(-1.50)

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