Thoughts for Thursday 12/7
Bears were able to hold the rally, can they continue to execute?
As I posted on telegram, I am not trading much this week as I will be away but will continue to post levels and setups. Trade responsibly with risk management always. Remember you are always just one reckless trade away to give back everything you build in trading if you do not follow risk management strategy.
Yesterday I didn’t get chance to post on Sub stack but during RTH session I posted Setup to short 92 and then posted Short 76 in afternoon, giving 40 point move.
Econ for week:
Night session Trading Suggestions:
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.
Remember: I never short above or long below my marker. I wait for it to pause before it or come back to it from rip/dip and pause before executing.
Never take position before Econ like CPI Or FOMC. After econ watch for levels where it stops and how it interacts to decide long or short.
Recommended stop: -2 and go to BE on +2. Some ppl who can't reenter shall chose -3.5/4.
Scale out: 2 lots at +6/8, 3rd at +10/16, 4th leave runner at BE
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