12/14 Trade Review → -6pts/-$300 on 2 Trades:
Here’s a screenshot of the day’s action. I marked up 3 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).
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1. TRADE #1: Short at Initial Balance High → -3pts/-$150
Took a short at the initial balance high around 10:40. Hovered around the IB high for a bit and had a slight move down bit then broke through the IB high. Stopped out for a small 2 point loss.
2. TRADE #2: Long at Initial Balance High → -3pts/-$150
After that nice burst through the IB high, I started looking for a long entry on a pullback. Entered at around 11:05. The market subsequently just hovered back and forth through the level. Another small loss.
This has been happening a lot lately with the point of control developing right at/around the IB levels that I’m trying to find entries at. It’s not ideal – would rather see the POC near the middle of the IB range.
3. No Trade – Flat For FOMC at 2PM
I steered clear of the market at 2pm for the FOMC meeting. As you can see, there was an impulsive 50+ point down move that started right before 2pm. Not something I wanted to be on the wrong side of.
Written by Matt Thomas (@MattThomasTP)
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