Mkt oversold short term. Look for basic pattern at lower band to enter long with expected rally to the vwap for daytrade.
Comments
ZoharCho
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nice
AshHowes
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13.44 TrailX hit. + 8 pts.
AshHowes
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13:40 TrailX at +.8 (8 SP points). So if PT not hit, will exit there. 2 hour+ trade.
AshHowes
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13:00 Had about 12 pts open profit after picking up 2 more for total of 4 earlier on, so the trade has hit its daily profit objective and more. Am holding at BE because expect more of a rally but this is just for fun/experience with this method which is mainly centred on the vwap, although also time of day etc. (typically, this is a countertrend rally time so expect about .38 correction which is a bit higher than current rally)
AshHowes
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11.22 EST. Long 1 unit. Buy additional .4 lower, then 2 more at .4 below that. PT is 4-5 pts or Vwap. Mkt is oversold because vwap is .618 correction above, so PT should probably be a bit below the vwap. 4 pts is the daily target in this open experiment. There are several trade types:
Open trades, usually gaps. Large gaps (like today) should not be faded, but decent sized ones (great than 2 pts, less than 8-10), can be faded on pattern entries with expectation of return to close to vwap of previous close.
Then there is a trade around 10.30 - 11.15 EST: If the market is around outer bands, enter with expectation of return to vwap. This is a high percentage trade. Red flags are: very narrow/dead days, or strong move days (like today).
AshHowes
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10:42 vwap now down to close to 50% correction, making rally to this level more likely.