Reminder: Monday, May 28th US holiday

[brownsfan019 17]

Just a reminder that Monday is a US holiday.

 

http://cme.mediaroom.com/index.php?s=press_releases&item=316

[Blu-Ray 10]

It's also a UK Holiday as well

[ItalianSharp 10]

This is why tomorrow is not a bad idea to take half the day off or even take the whole day off just in case you've had a good week.

 

I believe it's always dangerous to trade on the Friday before a Monday Holiday.

 

IS

[brownsfan019 17]

This is why tomorrow is not a bad idea to take half the day off or even take the whole day off just in case you've had a good week.

 

I believe it's always dangerous to trade on the Friday before a Monday Holiday.

 

IS

 

A common misconception. There's always a reason to create to not trade - no Mondays, Fridays, week of holiday, week before holiday, summer, spring, winter, fall, full moons, half moons...

 

Point being that to take a day off simply b/c of some idea is not a good idea in my opinion. I've actually found that some of these days can provide quick and easy moves since many traders take the same approach. It doesn't take much to push something around.

 

Now, if your research has shown that in the way you trade that certain day(s) of the week and/or certain days revolving around certain event(s), then by all means take it off. If you are just repeating what so many other retail traders have been taught, I would suggest doing your own research.

 

Of course this Fri could very well end up being a flat/boring day, but you won't know unless you are there. It could also be a volatile day like today. Nobody out there knows. You could argue that with Monday being closed, many traders will be opening/closing positions for the long weekend. You could argue that many traders will be at home sleeping, so stay away. Or maybe that's a reason to be here... food for thought.

 

I understand that this type of information is all over the web and taught to newbies in books, magazines, etc. But unless the volume is zero, you know there's some persons there trading. And money to be made.

[walterw 10]

Friday 25 we have April Existing Home Sales at 10:00 am NYT so I would expect some momentum arround the news.... maybe after that we go and take a siesta... cheers Walter.

[ItalianSharp 10]

A common misconception. There's always a reason to create to not trade - no Mondays, Fridays, week of holiday, week before holiday, summer, spring, winter, fall, full moons, half moons...

 

Point being that to take a day off simply b/c of some idea is not a good idea in my opinion. I've actually found that some of these days can provide quick and easy moves since many traders take the same approach. It doesn't take much to push something around.

 

Now, if your research has shown that in the way you trade that certain day(s) of the week and/or certain days revolving around certain event(s), then by all means take it off. If you are just repeating what so many other retail traders have been taught, I would suggest doing your own research.

 

Of course this Fri could very well end up being a flat/boring day, but you won't know unless you are there. It could also be a volatile day like today. Nobody out there knows. You could argue that with Monday being closed, many traders will be opening/closing positions for the long weekend. You could argue that many traders will be at home sleeping, so stay away. Or maybe that's a reason to be here... food for thought.

 

I understand that this type of information is all over the web and taught to newbies in books, magazines, etc. But unless the volume is zero, you know there's some persons there trading. And money to be made.

 

Thanks for spending time to post a reply.

 

If you read my post carefully, I specified that it wouldn't be a bad idea to take a long weekend just in case you've had a good week.

 

I know a few institutional traders who work in London and they will be taking the afternoon off. Same as many American traders.

 

I don't care what retail traders do, honestly. And I don't remember reading this stuff in books. I was told by professional institutional traders.

 

Let's just say that I like to be around when the pros are around, as simple as that. If you think trading thin markets may create opportunities, good for you. I rather not take any chance.

 

I am not afraid to miss any good moves simply because markets will be there tomorrow. One good trade won't make a difference in my P&L, I am not that desperate yet.

 

IS

[brownsfan019 17]

IS - so to clarify, you recommend that if you have a good week, walk away on Friday before a holiday. What about if you had a bad week? Should you try to get it back on a day when the institutions are supposedly not there?

 

That seems backwards to me - if you had a good week, walk away. If you had a bad week, try getting it back on the day when the institutions are not there. I ask b/c you said nothing about having a bad week.

 

My point being that many retail traders do that exact thing - walk away when they made some money and try to get it all back on Fri when it's been a hard week. I would argue that just the OPPOSITE should be done - consider walking away if you find yourself in a rut on a Friday and consider taking some trades on a Fri if you are up for the week.

 

Case in point - the ES chugged along this morning till the 10am news release. Then we got a nice pop up. I enjoyed being a part of that move and the fact that it was a Fri before a holiday had no bearing on the trade. The trade produced and the volume is fine - 440k at 10:50am EST is plenty of volume for me. Keep in mind that 'thin' volume is relative to the market being traded.

[ItalianSharp 10]

First of all, I didn't recommend anyone to not trade today. I will never recommend anyone on a public forum, I am not the type of person to make those calls.

 

I said it wouldn't be a bad idea just in case you are having a good week, which means you've reached your weekly goals or possibly exceeded them.

 

What if you're having a bad week? It depends on whether you want to close the week on a good note or postpone everything to next Tuesday.

 

I would personally monitor the markets and only trade high probability setups with half the size I normally use.

 

Don't forget that we've just had Existing Home Sales an hour ago and the decent popup was likely due to the news.

 

I'm curious to see what the afternoon session will produce.

 

As you can see, although I am not trading I am still watching the markets. I am very happy with my recent trading results and I just decided to give myself a long weekend as a little treat for my good trading.

 

Taking days off is one of the most regenerating things a daytrader can do.

 

No recommendation, just a personal belief.

 

Good trading

 

IS

[walterw 10]

yes Italian I would go here : Caribbean Luxury Resorts, Villas & Spas | Little Dix Bay | British Virgin Islands Weddings it would certainly boost my trading performance for next week jejeje.... cheers Walter.