Thoughts for Wednesday 12/27
Bulls keep pushing higher
Going into Globex we had 4804 to 4814 as chop area with 4808 as bull bear. We tagged 4808 and went upto 4814 before going back to 4808.
After RTH open we stayed long above 4814 which gave multiple opportunities for +4 and +6 and +10. It also tagged our level 4830 in late afternoon. We shorted 4830 after it came back from 4830 to get 6 points.
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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