With Yellen speaking today it was about being patient and staying out of emotional trades. Every time she speaks the markets are busy and we feel compelled to click the mouse. We had a bias to the long side all morning in the E-mini S&P and we were just waiting for an opportunity to get a trade setup on our short term charts to confirm that bias.
We took our first trade to the long side and it just didn’t work out. Took a three point stop. Because we kept our loss small and we stuck to our plan, we were rewarded with a nice 5-7 point winner to take back our morning loss and walk away with a gain.