Plan for May 7- Tuesday
Bulls kept pushing higher with no rate cut in sight and tech earnings last week
Going into Globex on Monday we had long against 54 which gave real good opportunity during overnight session with +20 point run up to open.
We had flip long on 76 print as provided yesterday during globex, which worked very well at RTH open and never retraced to it. Though I missed it myself. We then stayed out 76-86 until afternoon where we longed against 86. We tried shorting 94 but it did not work and then we stayed out as 88 stayed support.
FT difference: I always tell traders in my Telegram that its very important to understand that most folks out there just provides levels and then brag about how their levels worked. What we do is provide setups that may or may not be the levels. Setups provides marker for entry with higher odds of making 10 to 20 next points. This is big differentiator vs other services out there that just boasts their levels after the fact. All levels are some kind of confluence and most of them will match with others and that is important but that’s just half ass job. Execution points or setups are more important then that. Hope it makes sense.
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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: We had short stint inside 400 point chop box during last week of October but now we are back outside, until we go back inside bulls are on full control of the tape.
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