NOTE: I am leaving town in the next few hours and will be away from the desk the next 3 days. So there will be no Daily Newsletter sent out. I am going to focus on just “BIG” levels in today’s though so you can have it as a guide for the next few days.
YESTERDAY RECAP:
Well… if you didn’t believe me when I have been saying for the past 2.5 weeks that bulls are in control and dips are buyable, I hope you were watching today after the open. See… just because I say it is hard to CHASE longs when we are overbought and extended, it doesn’t mean you ignore the long side all together. You just need to wait for pull backs so you can manage risk a little bit better and (fingers crossed) get in at a price that smarter/stronger hands are buying at. And in yesterday’s newsletter I said the first area I wanted to see bulls hold (after they lost 81.50 on Monday) was the 80 area. There is the uprunning trendline of this breakout move right there and if they lost it you have 2 weekly lows not very far away that could bring about a waterfall of selling and stops getting run. Well… they heard me I guess. Just look at the chart below. We went from the LOD to the HOD in 90 minutes as bulls were waiting at 80 and they just blew the bears out. If you had the zones on your chart (I hope you do) then this was a fantastic low R/R long that I was happy to take at 80 even (only trade). And that was pretty much the entire day. Bulls ran it all the way up to 81.50 where bears were waiting to defend their LIS and they sold it back down where we closed right in the middle of both areas. Pretty easy day to trade compared to the past few weeks if you ask me.
Monday’s Session
TRADE RECAP:
One trade and it was my easiest in a while. I knew I wanted to buy 80 first touch due to it’s importance and the confluence there. And we tapped it and took off. Trade was as always. Half off at 30 ticks, then ¼ off at first R (prev day low), and the last ¼ of runners came off at the next R zone for a full TP on the entire trade. I marked the areas above where the entries and trims happened.
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