UglyChart is one of the must-read stock market bloggers because he frequently reports on his day trades in great detail (and those new pop-out charts he uses are funky). In today’s post he writes about two short trades and one long. Before reading his post, I was scrolling through several hundred charts earlier this morning and thought to myself: Any shorts held after 11 AM probably failed.

The interesting thing about his ADM trade is that the set-up bar drew at 11:30 (I time-stamp my bars at the end of the period), long after the broad market action had clearly turned positive. After getting filled short, you would have had over an hour to watch the broad market run further against you before finally getting stopped out in ADM a little after 1 PM.

If there was ever a trade which you had plenty of time to scratch, this was it. No disrespect to my main man Ugly, but playing the short side here was “pissing into the wind.”