JV Players try harder
Today offered limited opportunity and also a chance to practice discipline.
The First target was take out 22, as that was the Pivot point; immediate next target was 19.25 and 18; with subsequent targets of 17, 16.25. 15.5, 14.75 and 11.75.
The 15.5 we identified pre market as a high odds support level first time approached.
It turned out to be the low of the day.
The 21 target was available as half gap, and we suggested be patient and choose the 22 to 23 as better entry zone (better odds) for the re entry short. The Angel was 18.5, and the low at 16.5 felt like it was enough before lunch as the triangle was building.
The afternoon test of 17 felt like a trap; we sensed that the spike and squeeze was coming…
The JV team had orders to play defense and get the price above 23 if possible.
We warned traders not to expect the gap to close…it was too obvious…and we thought test 21.5 and 20.75, with outside shot at 19.5.
We had a Pivot point of 20.75 for the afternoon session.
Risking mental and physical capital in the chop is ridiculous; we advised traders to go home and avoid giving back all their gains.
89 suggested flat top again, and we drew the lines accordingly. Nice chart, and 3 min pace accompanied the 10 minute version.
Hard and brutal pace in a week with less than 16 points RTH. Scalps all that are available.
Relax and play over-reactions tomorrow, then get a head start on the weekend.
Humble student of Angels and Demons…