TRADE THE PLAN

The success-or not- of your trades during a given session is strongly influenced by your daily plan, and how close you follow it.  The study you do do before the market opens will reward you in improved trading.


TODAY:                                  


The buy-sell  stress points were determined and plotted on the chart pre-open.  It gives us a clue as to the market  direction for the day, and let's us focus upon what we consider as the correct play direction.  The beauty of a plan, it allows you to enter the market anytime during the session.  Today, I had a late start and was not participating until b11-12 area.  B12-13 was a valid test of the short point, and there was an EMA failure

Once the market LOD was established, our focus was on a strong bull.  The entry for the bull trade that had a high probability to work was established at 1308.5

Allowing the bull to develop would give us a stronger position.  It also helped us wait for the bullish channel to develop.

The plan would include long of 8.5, and any lower touches of the trend line.  The gap play at b46 was very productive, and shared in our chat.

[13:18] <Chartmaster> b46 is gap bar suggesting long

The exit was at 1310, followed by another trade off the 1308.5  level (we used 1308.25).

a bracket trade was set for the price action around B66.  We has support at 10.5 being tested.  The bracket would allow the bull to revive, and the bear steam to continue a run down.

The final trade was a long off the reversal established on b73.  Again, 8.5 was a key for that successful trade.