Thoughts for Tuesday 12/12
Bulls continue to push higher, CPI day tomorrow, Preserve your capital
Yesterday we had 4660 as bull bear, After RTH open we were short against 60 but then we had long triggered late morning but it ended up being chop, so we stayed out from 56 to 66 area. We longed 66 area once again in afternoon and now we are trading at 4680 as I write with CPI in sight tomorrow morning. I do not expect big moves overnight but would like to stay long as far as we are above 66 at this point.
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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