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Even though I have a long bias I don't know how I can get long here with the session high 1959.25 so near. Overall the cash session remains sideways in a range.
Well I was right to exit the short and return to my long bias. I just didn't see any entry signal. In my defense I was not at my computer from 1:10 to 2:30. Regardless is the retracement to the vwap a compelling pilot entry? I think so!
Market correlations all supportive of the gap up open to come. Japan signaled desire to lower corporate tax rates causing their stock market to rally 7%. I'm looking to get long in the pre-market.
I should note that I have a very reliable swing system that went short overnight. I did not take the trade on my account for that system. I'm afraid to go short at this level because I don't see any turning points on the daily chart until we run up to the 200 day ma.
choosing a level near some minor overnight consolidation about halfway in the opening gap. Other than the aforementioned corrleated markets, my long bias, there's no method to this execution.
I subsequently cancelled the order as price approached the order price. Misgivings about the entire process I'm using to place this trade. Misgivings about not following the high probability systematic short trade that's underway and winning.
Although I didn't take the overnight swing trade short on my real account at least I finished liquidating my long UPRO positions just before the cash open today. That was the remainder of a position started before the August crash. I ended up okay on that because I had added on dips and sold rallies throughout the "crisis".