Wednesday, August 14, 2013
Took awhile, but the call in the trading room that once I entered under the range was the target at the Daily CAM L4. Market internals kept me out out of most of the price action today till the later session when the major indices were also choppy and up/down outside of the range. NQ was the exception that it popped back into range and came back down. In the AM session, sloppy sideways chop and resistance at key lines kept me out of any entries. It wasn’t until major indices and Market internals turned south and offered an opportunity for an entry under the range with the EMA crossover. With my target set at the daily CAM L4, stop in place, market pulse even with the short bursts of buying to the upside kept me in the trade with the EMA. Where most would have gotten out, I remained calm and in control as price action grinded down to the close. Another good day of waiting and practicing patience and discipline for precise entries and willing to see the trade out based on my setup.
ES/YM best of performers under range.
This is what kept me in the trade.
Nothing more than my six charts to enter the trade to the target.
Trade Sequence to the target.
Entry under the 25m Open range on confirmation of market internals, under the range and EMA crossover. Stop placed at the Daily Pivot above.
Market closing. Stop moved to 25m OR low.
1 Tick shy of target. Taken out after hours trading.