Thoughts for Wednesday 12/20

Consumer confidence and Home Sales tomorrow

I posted 88 long yesterday night and overnight low was 4787.75. Bulls stayed above that all night and after RTH open they kept it going, touching around 22/24 level we posted in telegram. Execution wise we missed long at 08 area after RTH open, but able to get few points shorting 16 couple times.

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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