wednesday

well today was a lesson in patience..oil inventories today later in the morning, decided to look for shorts as we were getting a nice push down in oil..first short was a standard entry which gave a few ticks profit but did not follow thru, so stopped out for -16 ticks...waited for the next setup which was in the same pullback but a bit higher (at the midband this time too) so took this one and it gave a nice push down for +15 ticks...decided to sit out and wait till inventories were released before taking any more oil trades as price action got a bit choppy...the equities were not moving with any solid momentum, alot quieter than in recent days so I stayed out of any setups until I saw some convincing action (which I ended up not seeing until later)..after inventories released I was back to following oil and longs were on as oil started pushing up hard..waited for the pullback and standard entry long, got a good fill and off it went for +18 ticks..which means my patience in waiting for good setups paid off as I started the day negative after my first trade and bought it back nicely positive with 2 more solid trades..back at it tomorrow