We guessed range trading, leaning towards the short side today.
Our resistance premarket was the 49 area with stop just above at 51 for the aggressive traders.
One of the advantages of the “ant philosophy” is that it allows us to enter trades with minimal risk.
If we take that trade, then we can move stops down to break even and have a “free trade” on. If other traders are in agreement with our assessment, we win; if not we lose small and look for another level to play.
Critical mass is when we have enough traders making the play to make a difference.
We had targets of 41, 37, 35.75 and at the outside 32 today.
38 Angel support, 49.25 Demon still resistance until broken. Major target 37 has been on our radar a few days now, and mission accomplished.
Our presumed support target was 35.75, and that held where we called a contra only for aggressive traders with profits. The 42.25 to 45.25 range we expected to hold on the bounce, and typically, the conservative entry near the 45 was the best one for the eod trade. We needed to sit through some heat but we felt longs needed to capture profits before the end of the day.
We have had some new members join our room, and are building a powerful community of serious traders who want to share ideas and their talents. We have market profilers, elliot wavers, and an assortment of fib traders etc.
The blending of shared ideas helps us all to be more well-rounded and knowledgeable as traders. Critical mass is building here too. The risk is minimal to see if we can help bring your game to the next level.
There is no one “right way” in my opinion, only what works for each of us as individuals.
Have a great weekend all.
Thanks to all who day in and day out support us in our mission to teach Es traders how to play with minimal risk and at an affordable one time investment.