THE ranges were slightly modified, and could well have been unchanged as PA extended from the US close to US close in a tight range. These tight ranges tend to create opportunities for extended BOs in the magnitude of 10-15 points+.
Today was filled with 2+ range runs over and over. The only significant BO was to the bull upside just to please the +10 holders from the LOD traders, and later to the same target for the +5 players.
The first BO was calculated, however a stop hit took the trade off. What do you do? If you have confidence, re-enter the trade. Cost some commissions, but it produced to the target discussed.
If you have a target x or a stop x keep to your plan. Moving stops can create costly habits. Move and lose hoping it will bounce back.
What you should be looking for:
- Range FBO around b3-4 for a short.
- Range exits at b8-9 with long interest for the range run.
- B12-13 reversal range run (did not take)
- Look for bear TL break. Started at b16-18
- B19 short at signal, with an eye on the bear TL below the EMA
- Best setup of the day at b26-28. Range reversal, 50CB break, bear TL break, B29 gap from lower bull TL B26-28. Range run toward target with a secondary entry to complete.
- Target reversal to SBOT.
- B62 area holding at the SBOT. Anticipated range run
- B74-75 EMA hold PB for second leg to garner a +5 for the bulls at B62-64.
Knowing the BOT range is valuable, Certainly as the day progressed many traders would have some notation around 1308.75 and 1306. Having a "feel" for what professionals must get in a trade is valuable as well.
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