Thoughts for Friday 3/17/23

Futures breaks out of chop area from last few sessions. Now what?

Hello traders, We had excellent short setup against 3938 going into night session that produced 30 points after 4 am. We were short against 3902 and 3916 after RTH open that gave few points. We had 3920 as bull bear going into today’s night session and RTH and it acted as such nicely. Here is what sent on telegram though I did not flip to long and had great FOMO after ramp up. We caught up some longs against 54 and 72 for 20 points. We also caught some shorts from 92’s that paid 10+ points. So were able to extract some part of the move.

Econ Tomorrow:

09:15 EST Industrial Production (MoM) (Feb)

10:00 EST Michigan Consumer Sentiment (Mar)  

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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