Nice volatile day to trade. I still didnât get used to accept the great opportunities when they are in front of me.
The 80 Pts of the premarket Gap down and the up trend line broke set my mind to the go short at the opening, before 7:00 news though. I though that this gap could be one of those breakaway gap that reverse the major trend. Or at least set a great amount of pullback in bullish trend. So I was looking for any short set up! But of course when market opens, there isnât a short set upâ¦. Luckily, there isnât. Then I look at the 60 Min chart, this is the first time that price formed the 20EMA gap, the bull is still in control.
7:30 a perfect perfect buy set up in front of me, I didnât take. Still thinking shortingâ¦.
After market reached to YTDâs major resistant level. It formed a D/T. the channeling down in the doldrums. Took a long position while market made a higher low at support level. Watching candle flip up and down for 30 min, then a large red candle came down took my stop! -6Pts
Then market started to collapse. 2 large bar later. Market stalled at mid point pivot point, also a S level and VWAP level. Learned that if price doesnât want to hold at VWAP, it wants to trade under the VWAP, better do shorts other than long. More sellers push price below average daily traded price. Besides the market is clearly forming a break down set up. So I took a short, entry one tick below the pause bar. And it worked this time.
TRADE A: short at break down. Pause bar.
21Pts, never seen price came down so climatic, it totally reversed the morning run up gap fill. I stopped out at 21 pts a large doji came back up. Then I was looking for price retrace back to R2 level for a 2nd leg down. But the retracement never happened. All the minor retracements on 2 min are so shallow. I couldnât get in with such a steep selloffâ¦Price continues fell down and tested todayâs lowâ¦
I didnât take very good advantage of the 2 big nice trends!
Todayâs PnL: $70, 2 trades, 50%winrate
The 80 Pts of the premarket Gap down and the up trend line broke set my mind to the go short at the opening, before 7:00 news though. I though that this gap could be one of those breakaway gap that reverse the major trend. Or at least set a great amount of pullback in bullish trend. So I was looking for any short set up! But of course when market opens, there isnât a short set upâ¦. Luckily, there isnât. Then I look at the 60 Min chart, this is the first time that price formed the 20EMA gap, the bull is still in control.
7:30 a perfect perfect buy set up in front of me, I didnât take. Still thinking shortingâ¦.
After market reached to YTDâs major resistant level. It formed a D/T. the channeling down in the doldrums. Took a long position while market made a higher low at support level. Watching candle flip up and down for 30 min, then a large red candle came down took my stop! -6Pts
Then market started to collapse. 2 large bar later. Market stalled at mid point pivot point, also a S level and VWAP level. Learned that if price doesnât want to hold at VWAP, it wants to trade under the VWAP, better do shorts other than long. More sellers push price below average daily traded price. Besides the market is clearly forming a break down set up. So I took a short, entry one tick below the pause bar. And it worked this time.
TRADE A: short at break down. Pause bar.
21Pts, never seen price came down so climatic, it totally reversed the morning run up gap fill. I stopped out at 21 pts a large doji came back up. Then I was looking for price retrace back to R2 level for a 2nd leg down. But the retracement never happened. All the minor retracements on 2 min are so shallow. I couldnât get in with such a steep selloffâ¦Price continues fell down and tested todayâs lowâ¦
I didnât take very good advantage of the 2 big nice trends!
Todayâs PnL: $70, 2 trades, 50%winrate
XioLongNui and Yang Guo are very special unconventional, anti-tradition couple! They think "Outside of a Box'