12/15 Trade Review → +4pts/+200 on 3 Trades:
Here’s a screenshot of the day’s action. I marked up 2 spots on the chart that I want to discuss. Keep in mind that the white horizontal lines indicate the initial balance high and low (which are the actionable entry levels for my strategy).
1. TRADE #1: Long at Initial Balance Low → +4pts/+$200
TRADE #2: Long at Initial Balance Low → Breakeven
Took a long at the IB low right around 10:30am. Strong 10+ point initial impulse up from my entry (exactly what I’m looking for), but no continuation higher. Got stopped out for a small 4 point gain.
Re-entered long at the IB low for a second attempt. Another decent impulse (not as good as the first one), but then reversed back toward and through the IB low. Got stopped out breakeven.
2. TRADE #3: Short at Initial Balance Low → Breakeven
On the break and hold below the IB low, I started looking for a short entry. Got a pullback entry at the IB low around 11:15am and the market just hovered right below the IB low for quite a long time.
Had a nice little downward break a little after 11:30 – at which point I moved my stop to breakeven. But yet again, no continuation down. Eventually got stopped out of the position over an hour later.
Overall, good entries today – but not getting the favorable excursion I’m looking for. With a 50+ point initial balance range, I thought we might see some bigger moves – but market was still choppy.
Written by Matt Thomas (@MattThomasTP)
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