Workin’ on the chain gang…
All day long…
Pre market, the price is chugging along, extending it’s gain from Friday’s late day surge.
High Odds trade is the half gap, but will it work?
Risk and Reward, the name of the game.
Pass on the scalp short if you are conservative, and don’t like the trade.
Wait 15 minutes and see if you like a better opportunity. I am not expecting a plunge today, nor a ramp day ahead of FOMC minutes.
16 is presumed support… and the 28.5 is a potential target today.
We are ahead of ourselves, and the 30 minute chart looks good. I think the market is waiting for that.
Targets short are mainly half gap, gap fill, and the 17.5 Pivot point.
Lunch range was atrocious, and afternoon squeeze was meager, but meaningful if you were trying to break the 19.5.
By 2:30, we felt that the shorts had ample opportunity to do a pullback and didn’t, so our bias was squeeze and knock out stops at the 24.5 demon and test 27. Risk reward consideration said better to have a small contra pull back, targeting 3 to4 points which would be normal.
We had a great Market Profile seminar during quiet time, and the slow trader gathered rave reviews with her presentation. Similarities between that system and ours were introduced, as well as a few differences.
G , one of my mentors, has an open room tomorrow, and a worthwhile use of your time if you want to see another approach to trading the markets.
Very few tick pushes +/- 1000 today, so we respected them when they hit.