IWM Patterns

I traded well today and had kind of a normal green day. IWM was easy to read with support and trend lines. It held a major support I drew up 3 times. I looked over a couple weeks of the IWM chart from 9:30 to 9:40 or 9:45 and during this time way more than half the time whatever direction it trends right at 9:40 or 9:45ish it will reverse and that will be the days trend direction. Defintely and repeated pattern here. It can also be very very choppy the first 10 minutes of trading. I decided to just miss the open and didn't start until around 10 today. I plan to just not trade IWM at open going forward to avoid likely bad reads. I am learning to just avoid it when it is choppy. It likes to slow down in the afternoon and almost always has an hour or so of tight range fakeout hell. Sometimes the ranges are tradable but I haven't mastered that yet. It almost always lately has an explosion move the last 30 minutes to close. It will just move fast and straight. When the candles get long and the algo dance isn't going on I can scalp good gains with size.

I'm going to start journaling win rates on different setups it does. I will call one power momo because it just speeds up and goes fast and straight for minutes at a time. This gives the long candles. I'm focusing on setups with the highest overall dollar profit average per trade to get some good days going. Some of the setups I've been taking have high win rate but not high dollar amount. So I think that is why I'm spinning my wheels some weeks. High short interest longs is one of the setups and I think it may be coming back if indexes hold support. Best profit setup is IWM options multi-day. Not a high sample though. Puts on stock bear flags, USO options multi-day, BABA intraday or overnight, and short intra-day overbought are the top setups profit wise. I have been focusing on IWM intraday and 52 week breakdowns because its safe with market direction indecision with some of them but I haven't gotten big size on them. So many days I am just amazed at how well IWM trades with technicals. I always figured with the HFT and computers it was hard to trade. In some ways it is because of how it jumps up and down like Pac-Man eating up orders but it respects the lines. I guess that's the way the programs are setup. Downtrend break on gold and miners.