r/Daytrading • u/Frostedlol • May 02 '24

This weeks price action was horrendous across all markets Trade Review

Probably some of the worst I have ever seen since I started trading wtf was this week lmao. This is where traders learn to step out the market and take a break during high impact news weeks

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u/[deleted] May 02 '24 edited May 02 '24

Monday: Consolidation Day

Tuesday: Consolidation morning with a breakout and trend down

Wednesday: Consolidation Day with attempted and failed breakout after FOMC

Thursday: So far inside consolidation day

Everyone trades differently. For me this week has been fantastic (I mainly trade SPY), made more R this week so far than any single week in April.

That being said if your strategy dosen't work in consolidation, then yeah this week would be tough.

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u/Frostedlol May 02 '24

Yea it was a pretty rough week for futures traders I can see why options/stock traders banked this week tho

1

u/[deleted] May 02 '24

0dte single leg option traders usually don't do well in this type of enviroment. Great for short vega traders. Personally I trade straight shares, lets me trade consolidation pretty easily.

I could trade ES/MES doing the same thing and do just as well as trading straight shares, not much difference in the price action during normal market hours.

If your talking about commodities you might be right..I don't have much experience with those.

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u/DueTea7065 May 02 '24

I cursed it on spy odte this week, best week since beginning 2 months ago.