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Looking for the classic bounce off prior resistance, now becoming support. Worked like a dream.
I tried a trailing stop on this one and it was a bit too tight I think. Loosened up the strategy
for more of a BE bit at 10 ticks, then follow.
+3 ticks
Trade 3
I was tempted to place a buy stop at the top of the channel and exit at the resistance line, but
I didn't like the RR there, so I waited for the bounce off that and waited for a break of that level.
It worked well. Good thinking on that one.
+9 ticks.
close enough to Profit target to be pleased.
The trades are shown on my 4 range chart that I use along with my 5 min. and 15 min.
I like it.
I also added a 20 ema back to the range chart. I have always liked seeing the divergence
between a 20 and a 50.
a good day with good thinking... out in 40 minutes. about as well as my plan can work...
Price seemed to be consolidating, so I placed a buy stop above PA looking for a continuation
of buying. I felt a bit uneasy about entry just above a stall and my concerns were realized.
-13 ticks
If I do take this type of trade again, I will bail quickly if price does not break free well. Probably best to
just avoid this trade. The method works better if price is moving to my entry points.
chalk one up for learning.
Trade 3
Price tried to break low but just channeled in a 2 point range so I was prepared to enter in either
direction.
Price started moving up well and I kept a close eye as it moved past the lower, smaller channel.
Up $396 for the week for a third profitable week in a row for a total $1270...
This is the first instrument I have been this consistent with. Let's get a month of screen time under the
belt, then we'll see how I feel about going live again.
btw... I'm enjoying the 4 range along with the 5 minute chart. I haven't been using my 15 minute as much
lately, but I look at it before I begin, to get an overall feel of the prior day and the overnight PA.
This is the second time that I noticed a nice trend on a Friday afternoon as I prepared my
SR levels for Monday trading. I'm always long gone before these trends develop. Something to
keep in mind.
20 point move between Friday and the Globex overnight.
good volume at the open ... 4725 at 826 price.
PA moved up strong again at 5:30 am and started "bleeding down" at 7am.
Price was moving slowly, so I was ready to sit and wait for the market to decide what it was going to do.
No bias. just waiting.
A bullish move started up at 8:38, but It was moving out of tight consolidation, so I wasn't biting.
I decided to wait and see how PA behaved at the next resistance level.
Sure enough, price turned bearish (before the SR line) I good lesson I remembered from last week.
Price started moving south so I placed a sell stop below the previous swing low. After Price stalled
a bit, I removed it as I was closing on 9am and didn't want to get whip sawed by a potential news
release. ( although TF is pretty good about such things)
9am - no news swing ... price still consolidating
913am- price finally broke support on the third try. Normally I would have a sell stop placed here
but I am just watching... sure enough- a strong bullish PB after the break... I may enter on a
continuation. (Screen Time has saved two bad trades so far)
sure enough ... a triple bottom. Let's see if the bulls win out.
I'm going to pack up and finish this replay at the house.. This is going to be an interesting trading
day.
Well, this is about the slowest PA I have ever dealt with... I was patient all the way until the end.
Trade 1
I was watching price slowly crush down and it finally broke through a level I trusted. I probably bailed
too quickly as I just couldn't trust the action.
+7 ticks
Trade 2
... looking for a continuation of the selling as it broke through the previous swing low.
Full stop of -15 ticks
Interesting observation... I seem to be more patient when price is going against me than when I'm
in the money!! I better reverse that thinking quickly.
Trade 3
....attempted a long, thinking it was a bounce. This trade is not in my playbook and simply should not
have been taken...
Full stop -15 ticks.
down $258 for the day.
Good experience. I was patient for the most part and stayed out of two early losers when I didn't feel
good about them. Last Monday, when PA was this slow starting out, I simply didn't trade.
I'll remember this. I was tempted to call it after the first winner. I should have. Next time... I will wait
for the perfect setup, as I did, take the profits and call it a day.
Slow day = One good trade.
The first trade was my favorite trade and I know those usually go to the next level. I must learn to stay in those.
I lost a little focus on the last trade. I think I had a little SIM courage on that one.
Most likely a trade I wouldn't have taken live. That slow PA is numbing....