Levels and Thoughts for Friday 4/14
Can bulls break out of 4200 area? JPM and Banks in focus tomorrow
Hello traders, Apologies for late post. Here is snapshot of what we did today.
Going into globex we had bull/bear as 4132/42 with short setup against 34/36. Night session gave multiple opportunities to make 6-10 points shorting 32 area.
At 8:30 am Jobless claims report, we still have same setup in place which gave multiple opportunities to again print 6-10 points. Same setup kept on working even after RTH open until 10 am. We flipped long against 4140 at that point and got out at 4152. We tried short against 4152 it gave free look to 50 couple times but we cancelled after seeing bears inability to take out 4150 and waited on side line. We waited for price to give next setup but missed bond auction rip from 4150 while waiting so we continued to sit on sideline until it reached our critical level at 4176. Though I did not put room short against 4176 , the level held like rock thru out last hour of RTH session and even now in night session so far.
So sitting on side line is a trade, instead of shorting upticks just because we were out of out long trade does not make it a short trade. Just because you are watching price does not mean that you have to trade.
Econ Tomorrow:
I suggest to not trade night session from 10 pm to 2 am chop. If action has to happen than it will happen before 10 pm or after 2 am EST. You can generally play short on top level provided for nightly range and long on lower level of nightly range after 2 am or 3 am. But get out of the way if it rips or drops thru levels and wait for new opportunity or flip. And of course never add to loser and better yet cut it and reset.
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