YM Wednesday Big Sell Off Day? Fill In Gap At 39,150? 600 ticks
A couple of pieces of information that I think will cause a sell off down to 39,150
A declining Hourly 21ema
A gap at 39,150
A rising 200sma that has been poked through last two times
Ramped volume from the FOMC
600 ticks seems really excessive for one session. Maybe two sessions.
Do I go for the throat and hold for a massive trade or do I take the base hit 2 to 1?
I don't want to be greedy but I also don't want to leave money on the table.
Maybe I will go in the middle just watch each hourly candle and close it when I see a fat red candle exhausting itself
A declining Hourly 21ema
A gap at 39,150
A rising 200sma that has been poked through last two times
Ramped volume from the FOMC
600 ticks seems really excessive for one session. Maybe two sessions.
Do I go for the throat and hold for a massive trade or do I take the base hit 2 to 1?
I don't want to be greedy but I also don't want to leave money on the table.
Maybe I will go in the middle just watch each hourly candle and close it when I see a fat red candle exhausting itself
Comment:
If it gaps down like this tomorrow I will be going for the jugular. 500 ticks at least
Comment:
This analysis was completely off. Price gapped up to 39,880 and the setup for today was a gap and crap. I admit I entered a tad late. Two bars after that engulfing. I couldn't tell if it would bounce back up to hit stops first.
I used a 50 point stop and a 90 point target for a 1.8R trade
My target happened to coincide with the 15' 21ema
I used a 50 point stop and a 90 point target for a 1.8R trade
My target happened to coincide with the 15' 21ema
Trade closed: target reached:
Today was a successful day in that I recognized the gap and crap, that I entered at a relatively safe spot with little to no heat and that I was patient enough to let the trade hit my target
