A good nibble, but no bite.

Sometimes when you’re fishing, you know there is one out there. You get the nibbles, maybe lose the bait, but never get a firm bite for a strike to set your hook.

I was within a few seconds of taking a downside trade today, but the pattern just didn’t quite form properly and I held off. The wheat market opened high, went close to limit up, before breaking sharply to the downside. The trade I missed would have been a good one. As I write, price made a climatic low (although still not closing the gap down to yesterday’s close), and now is grinding its way up again. Unless it challenges the day’s low again, I won’t be showing any interest.

Reviewing the week, it has been a quiet one for me, despite the volatile nature of the markets. I’ve only found two opportunities to trade, making a total of 18 points on Monday and just 3 points yesterday. Lately I have been typically finding about four trades per week, so this was below average. Still 21 points, less commissions, is a reasonable return, and I had capital at risk in the market for less than ten minutes.

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