Sometimes the market just decides to stop following the path and instead just wanders aimlessly.. :P
All I can do is try to determine the overall flow, and where price should go (if staying the course), but that doesn't happen sometimes. In fact the market seems to be hanging around base (like in tag) and playing more safe, vs moving strongly away from the average in any direction.
At least the VIX is pretty good now, so I can commence my real money trading.
Here's what I saw on the charts..
price was in a BEAR trend today.
the BEARS looked strong. Price was moving under the average.
I just had to enter on a RED bar, and then ride this move to profit. (at least, that was the plan)
since VIX is back to almost good, my option's strike price was plenty far away from the money.. with 5 strikes between my trade, and current price.
Now, as soon as I thought I had a good trade going, price started right UP.. the exact thing I DIDN'T want. :(
Still, my stop was outside of the EMAs, so it was just normal price action so far..
8 minutes later and price had turned in my favor. I even thought I would hit my target in just 30 minutes or so.
Then this happened a few minutes BEFORE power hour, when I probably would've gotten out anyway. I am sure a shark came in with big money and pumped price counter to where it was going..
The good thing about trading just 1 contract like this.. losses are pretty small. But the bad thing about trade just 1 contract like this.. the wins are also pretty small! :P
so, that was it for my real money account, since I am out of daytrades.. but I continued the fun on my paper account.
I didn't even need to look back at the charts.. I just got in going UP, since I had just gotten stopped out when trading DOWN. Turns out price did rise to the average, but never really took off. Luckily my trade wins as long as price ends ABOVE my strike price/stop, so it was all good.
End result for today: trade 1 (real) .. -65, then trade 2 (paper) .. 135.
135 - 65 = 70 total profit. (enough to buy me lunch And dinner :)