Wednesday, June 25 – Trading Plan
While I am a believer in simply trading the charts and what is in front of me from the market open, I will look for market trend based on the internals market wide and the TF accordingly. No crystal bowls or mirrors to tell you where the market is headed prior to the open, as I have no clue. Waiting on the 25m Open Range to set and subsequent 1 hour open range, with levels above and below I can manage my trade by removing contracts or re-entry based on contract size. Either way, it’s all about patience and discipline. My trading plan is simply a cognitive exercise and reminder to always stick with my plan, regardless of which direction the market goes.
Outlook and Plan:
Rip it up. Rip it down. All the way up to Daily R2 and to the Average Daily move down target. 229 ticks from top to bottom. Two trade pony on EMA crossover. Wish everyday was like that!
Wednesday Outlook. GDP prior to market open. Not sure what to look forward to. Price action has closed under the 8MA. Price and momentum NOT in unison downside. Momentum down, Price action still upside with a higher high than Monday. Swing size hourly downside target listed below. Price below weekly opening price. Unable to break the 6/9 high and hold. Key fib level upside @ 1198.7.
Notice I don’t fill up my blog here with mumbo jumbo of what will happen. I have no clue what will happen. i simply have some key levels that I look at that may or may not get hit. What I do know is that market momentum and trend can be very strong indicators. I know that the big players aren’t looking at any lines. Us crumb traders use them to feel better about our trading and claim victory if they hit our targets. Every line could be a target if you think about it.
My game plan is to stick to my trading plan, even if I miss the entry. Sure, I’m like everyone else. I want to get in as early as I can. That I will always be tweaking and working on. But the rules stay the same and my trading discipline doesn’t waver.
Bias is now downside. May see a pullback upside or chop sideways.