Plan for March 7- Friday
Bears are trying to put pressure on bull market with multiple down days
Going into Globex yesterday we had 5840 as Pivot and I posted this in telegram group, and indeed bears were able to get to 5720 after bouncing it to 5820 in RTH we shorted 5820 and 5810 as posted on X. I was away in afternoon but gave 5856/46 chop area with short below both levels which kept giving 5620/24 multiple times.
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Econ for Week
Night session Trading Suggestions:
I suggest to not trade night session from 10 pm to 2 am chop. If action has to happen than it will happen before 10 pm or after 2 am EST. You can generally play short on top level provided for nightly range and long on lower level of nightly range after 2 am or 3 am. But get out of the way if it rips or drops thru levels and wait for new opportunity or flip. And of course never add to loser and better yet cut it and reset.
Remember: I never short above or long below my marker. I wait for it to pause before it or come back to it from rip/dip and pause before executing.
Never take position before Econ like CPI Or FOMC. After econ watch for levels where it stops and how it interacts to decide long or short.
Recommended stop: -2 and go to BE on +2. Some ppl who can't reenter shall chose -3.5/4.
Scale out: 2 lots at +6/8, 3rd at +10/16, 4th leave runner at BE
Big picture: > 5700 this remains bullish.
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