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Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,777 since Nov 2014
Thanks Given: 3,559
Thanks Received: 3,161
second target 2052 hit. Stop moved to breakeven 2060.
Final target at 2048. Unsure whether it will be reached or not as Pre-FOMC days are small range and indecisive. Currently buyers rejecting 2052 but huge resistance above vWAP 2058.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,777 since Nov 2014
Thanks Given: 3,559
Thanks Received: 3,161
Distribution didn't complete as we had renewed buying interest. Second wave of distribution is going on right now as you can see on the right side of the chart (4 Tick Renko with volume - wider bar represents bigger volume)
My short shown by red arrow at 2069. Stop at 2077
Internals are still pretty strong. NYSE tick didn't even touch -400 and both spreads and Adv/Dec are strong.
My stops are still at risk. Infact, I am surprised that my trade is still in place.
LOL- had that happen to me before and that sucks! You can always scale back your size and widen or not use stops on small position. Today I traded modest size all morning and as my "income targets" were taken out I just left my runner on for the announcement. It's a pretty sure bet that any hard stops < 1 x daily range will be hit after the news.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,777 since Nov 2014
Thanks Given: 3,559
Thanks Received: 3,161
I will try to stay out of FOMC and NFP days. It's lot more fun just observing from the sidelines
Even though I was stopped out, I felt good b'cas my reading of the market was actually pretty good. My only grievance was not respecting market internals which was bullish from open. I did notice that and made a comment at my entry journal. Since the internals were down for the last 2 days with no price follow through, I gave it less importance today.
In the end, my stop was within the noise of Pre-FOMC release and got stopped out at 2077. Then we had this beautiful straight drive down of 20 points to 2055 with no respect for vPOC, vWAP, LVN, HVNs etc. What followed was a methodical grind and Bulls won in the end with a huge score. Internals gave the first clue here too. Despite deep plunge to 1955, net volume was above zero and breadth was pretty strong too. I am seeing more value in adding internals as additional signs in my methodology.
I dumped Delta a week ago and felt anxious to leave OUT information but it seems to be helping. I definitely feel less tired reading my charts. I simplified the colouring of the chart so it's easy on my eyes. Finally, my main charts can be viewed easily from my mobile via teamviewer, if I want to, as I leave my iMac running IRT at home.
It's a beauty and these charts DO talk to me now. I just love watching these blue and pink babies dance