Hello Traders, This week is full of news with PMI, ISM on Tuesday, followed by US election volatility on Tuesday and Wednesday, and FOMC rate decision on Thursday. So expect lot of fireworks. Stay nimble and size small. This is what we did today.
We missed long 56/60 at open. So we sat out and shorted 94/98 area couple times to make our handles. We again shorted in afternoon and made some handles shorting 98/04 area.
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Econ for Week
Notables are PMI, ISM on Monday, followed by electicion volatility on Wednesday, and FOMC rate decision on Thursday. So expect lot of fireworks.
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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