There is a lot of bearishness in the market right now. I am trying to trade from the long side at the moment, but I missed the move up from 370 -422 as I was waiting for move back towards 370 to set up. I will always take the 422 trade setup S 422 ST Above 472 TP 370
There is some unresolved business in the 350 -370 range. I would like to see the market build value in this range over the 12 - 2 time frame today. If we do, then I will look for a move up most likely. Maybe a long above 370 - 422, then 422 - 500. If we move below the 350 level later today, then down we may go. But who really knows. I am going to observe for a while.
The 350 -370 range built value through lunch approaching the 2:30 slot. We moved below 351 but I did not take the trade. I have signs of a reversal brewing so I am going to be patient.
We need to hold above 385 to get traction up. My guess is that the grown ups will try to position out of 350. The work zone is now at 385 - 350. This area really needs to build value for us to get out of here. Not sure it will happen today but I am ready. IF we do hold in the range into the close, tomorrow should be a good day.
It is not my plan to post trades I take everyday. It is much too difficult to post and session trade at the same time, but I want to do it every so often to give othedr who are interested a chance to see or read about how I trade the YM. I find it intersting that most people here at ET only talk about results or ideas and never really share them. I am not guarding some big secret. Today was a good day. There were 2 trades after 2:30 that I could not manage to post. 1. I went long at the 351 level and took profit at 385 which was a new level that developed today. +34 points. 2. I went short on the retest of the 385 level with a planned target back down to 351. I coved this trade for a -26 point loss. This was a bad trade. I had been planning all afternoon to go long above 385 and target 422. I did not see that much volume late in the day and thought we would close back down in the unresolved range. So the results were.... 9 trades 6 winners 3 losers for a total of 133 points. A good day. What I do each day is measure my P/L in points and compare it to the days ATR. Today the ATR was around 214 so I captured about 62% of the range. Way above my expectations. I will try to keep posting the daily levels in case anyone is interested.