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-- Big Mike, Site Administrator
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Thanks Mike, I am cash with my swing and position trading (selected stocks), I also look forward to cumulate some profit and allocate it for the italian job; meanwhile I practice and try to master the method. If so I will put my username on Velocity Futures leader board.
First trade of the 6E long 5 contracts, target below LH -1397$
This trade was conditioned by the US events, as mentioned before, the markets are pretty nervous and it includes the UK session as well. The technicals were pretty precise, the PA followed the down trend line and rebounced on the lower side. As the market was strongly trending against the trade, I decided to limit the damages and to exit on the first retracement over the TL. The loss is acceptable as the MAE reached more than 3000 USD, I decided to exit below the last LH. Not taking the stop management 5000 USD, is a main concern, as I usually stop trading for the day, in this case I will continue and look for better opportunities (the strategy is consistent in terms of profitability it always instills me a positive approach on the journey).
Based on the weekly vwap and the down regression channel, I am in with 4 contracts long with CL. The target is a big wave and ambitious, supposed to be below the weekly vwap and upper regression channel. This trade might take some time, I will not change the targets unless PA closes below the mid point of the reg channel (30 min chart).
Entries were based as usual on the vwap 2sd, and I scaled in as the PA went against the trade
I am in with 5 contracts, the market retraced and went below the reg channel and inverted again, hit the daily vwap and retraced as expected. The PA is positive with new HL & HH, let's see if the vwap's resistance will be pierced and the target reached.
After several attempts vwap is acting as a true resistance, the slope has turned green, we are approaching the US opening. In about 15 minutes I will have to leave my desk and will not be able to follow the trade, let's see how the big boys will act?
