Trading on Friday…
January 11, 2013 2:56 PM

HAPPY NEW YEAR 2013!!!

Most traders hate Friday trading. Specially in the after noon hours. It is incredibly slow with choppy action. Traders should be smart to quit trading on Friday. I thought I am, but today I got caught in the Mid-Morning trade around 10.45am. I saw a good ABC Bullish pattern with lots of great conditions. On the first attempt it tried to reverse and close above EL (1463.75), I bought a position around 10.50 am at 1464. My Targets are: 1467, 1470, stop set at 1462. After my trade, market rallied a bit but Friday trend was unforgiving. Now at 2.50pm, it is chopping between 200-SMA and EL (1464). Few minutes before it rallied to 1466.25 but dropped back to 1464.5. This has happened too many times. Now, I raised my stop to B/E. I should keep a note: Never trade Friday from Noon.

Wish you all great weekend.

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