Yesterday we had short against 80 after RTH open which gave points couple times. After that we extended to short against 86 with second chance short against 76 which gave our level 46, giving almost 40 points. 46 gave good bounce to 60 and then 66. We had setup to short either below 60 or if it reaches out to 76 but it stayed withing that range until close. Tomorrow is PMI and so far 76 is holding downside.
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
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