Another Monday, another push up to a new high. A similar patent of push down at open and squeeze up. I am prepared to enter options on both end of edge. Keep in mind that risk management is my top priority. I will wait for the price come to support or resistance area. Equity prices are pulling back at noon time today. It could be a reversal day.
The grain market was under pressure this AM. DB issued two short orders for soybean and meal. The soybean short was not his regular setup, instead he took it at overnight low. I debated myself weather I should follow this c-trend order. I entered it at pull back to o/n low thinking to follow a system regardless my feelings. However, the previous days' patent has been the same pushing down to o/n and squeeze up to new high. It looks like we will be stopped out if the planting progress report come out to be bullish. Looks like ZC and ZW are pushing up too after testing lows initially.
Well, ZS did push to new high before closing and I got a quick stop out. Apparently Brazilian port delays shipment again and US cash market was tight. Frustrating but that is trading. That squeeze patent in BB4 and BB1hr worked again.
What should be my rule when two system give conflicting signals? Stick to my top down approach and stay with a trend.
No put or call were filled today. ES touched a new high on R1 and upper trend line then pull back to last Friday's upper range. Will wait to see what it gives tomorrow.
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