Title: Why I Gave You A License to Print Money Today
So, how should you have used my posted commentary above (posted well in advance of the market open) to make money today for at least 2 hours? I've attached a 5 min chart, edited to remove various Angle lines, leaving only those levels I discussed today, and one I mentioned over the weekend. The Angle lines would have told you precisely when to get in, but I'll leave that for another day. Here is the basic stuff I can talk about for now.
1) I told you that 120 12 and 119 21 were important for today.
2) Over the weekend, I told you that 119 28 was not only a WGSR, but that it also had come up quite a bit in various market geometry studies I spent several hours working on over the weekend.
3) I told you that two short term times are 0604 and 0804.
4) I told you that 1 longer term (1 hour chart) time was 0630.
At 0604 I draw a horizontal line at 120 14 (not on this chart). 120 14 is now a significant level. We never get above it by more than 1 tick.
At 0629, I know that my hour bar is about to conclude. I know that something fairly significant could/should happen. My NN ratio studies are negative. I go short at point A.
What do I know so far? I have a possible 11/2 hour move on my hands based on the hour chart and I have a possible 2/2 hour move on my hands based on the shorter time frame. My first target is 119 28 (point B) followed by my new target of 119 21 (point C). On a side note, from last week, I even know that 119 08 is possible as well (point D).
Conclusion? I should not scalp this trade under any circumstances. I should hold out for a minimum of a test of 119 28 which would be 16 ticks.
Net 16 ticks on a single trade within a 1 hour window is an excellent trade in anyone's book.
So, how should you have used my posted commentary above (posted well in advance of the market open) to make money today for at least 2 hours? I've attached a 5 min chart, edited to remove various Angle lines, leaving only those levels I discussed today, and one I mentioned over the weekend. The Angle lines would have told you precisely when to get in, but I'll leave that for another day. Here is the basic stuff I can talk about for now.
1) I told you that 120 12 and 119 21 were important for today.
2) Over the weekend, I told you that 119 28 was not only a WGSR, but that it also had come up quite a bit in various market geometry studies I spent several hours working on over the weekend.
3) I told you that two short term times are 0604 and 0804.
4) I told you that 1 longer term (1 hour chart) time was 0630.
At 0604 I draw a horizontal line at 120 14 (not on this chart). 120 14 is now a significant level. We never get above it by more than 1 tick.
At 0629, I know that my hour bar is about to conclude. I know that something fairly significant could/should happen. My NN ratio studies are negative. I go short at point A.
What do I know so far? I have a possible 11/2 hour move on my hands based on the hour chart and I have a possible 2/2 hour move on my hands based on the shorter time frame. My first target is 119 28 (point B) followed by my new target of 119 21 (point C). On a side note, from last week, I even know that 119 08 is possible as well (point D).
Conclusion? I should not scalp this trade under any circumstances. I should hold out for a minimum of a test of 119 28 which would be 16 ticks.
Net 16 ticks on a single trade within a 1 hour window is an excellent trade in anyone's book.