Wow -- saw the TL set up in /cl
entered premarket short -- and caught 22 ticks on a quick drop back to the TL. Great read.
Pushing even lower too.
/cl -- touches below overnight lows made at 3:40 am -- obvious now -- stophunt.
87.73 -- see if this holds for the next few hours -- in which case -- grindy chop action.
Market Signals weakening. /tf unch. now.
Target: 822 is 50% retrace of 816 - 828 run.
opex Fri: Often wide range action in first half hour -- play in the range rest of the day... but most rules don't apply past 2 weeks.
$NAMO +60 -- this is major pullback range. We are extended on daily charts.
/cl - Indeed -- grinds back up to 88.13 in sloppy action.
end of month - opex -- so prevailing winds could keep markets elevated - but sharp drop on Monday?
weak Market Signals -- /tf at 50% retrace.
/tf overnight lows.... IWM 82
IWM --- 15 min. TL broke.
/cl SPIKES to stophunt doubletop -- great R:R short with tight stop. Why not?
If you just thought like a MM -- and considered how far you'd want to push to trigger stop orders... you could find perfect entries almost every day.
/tf -- well smooth trend whoosh from 828 to 818 -- 100 ticks.... how could you capture most of this?
If you're looking for these moves - you just keep a trailing stop -- either you get it or it chops and you don't.
Your system MUST have a way to allow winners to run and get out of losers fast. If your wins are small... you can't make it.
I think for me -- I keep looking at 5 min charts because I need bigger swings on small account.
So looking for Classic top/bottom patterns and holding into the sup/resist. area that's my target.
opex pinning: typical Fri. afternoon.
rip after the close -- end of month. Close green.
/tf - creates a nice triple bottom before ripping 40 ticks -- same pattern over and over.