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+7 points. I entered this trade at 11AM yesterday, and closed it at 10AM this morning. It was my first live swing trade (albeit a very short-term swing trade). I could've done much, much better in managing it, because I didn't have a set profit target, but I did have the idea that 3150 was a good exit if price were to consolidate up there this morning. We came within 5-6 points of that figure around 8PM last night, but I was irresponsibly unaware of this until 3AM this morning when I finally checked on the trade. Had I closed right then, I would've gained more than double the amount I did today (I calculated ~16 points). With that being said, I've learned that I can hold a live trade for almost 24 hours, and that's some useful information. It doesn't bother me that much holding a trade overnight. 9/10, would do it again.
I honestly wouldn't be surprised if we reached 3150 today, or if we touched or break the ATH established in the ON session. What had me concerned this morning about holding this trade longer was the rejection from that ATH level ON, and how we bounced off of the VAH of today at 3138 (sellers came in relatively strong). I wanted to see strength up there that I didn't see, although I was anxious to get out of the trade by the end of it: As stated probably months ago, it seems I don't have a problem with being in a trade as long as I don't look at my charts. For this case though, I had to to determine my exit. With my next swing trade, I'll have a profit target set, along with exit conditions at various price levels (I'll be prepared).
Anyways, good gain for the day. I may take another trade soon if things pan out. Price action is looking choppy as of right now though, so it seems unlikely. We're trading between 33.75 and 38.
Your reply made me remember that screenshot you posted here awhile back:
What left the biggest impression on me was the "Trend Reversal Period." Now that I can and do trade later than 10:45AM EST, these other key times will be useful to me. I'll be sure to consider what's most likely to happen at the London close now (which I was totally ignorant of), and I could get familiar with the other key times- not that I'd make a habit of trading after 12PM EST. Thanks for the reminder, @TopGunNote.
Yeah, it being thanksgiving week / with there being less volume traded certainly contributed to my concern of holding the trade any longer. That gap up yesterday in the daily chart got me.. Still, a good play. I'll trade it again in the future.
I called it a "Counter Trend Period" - NOT - a "Trend Reversal Period".
Big difference mentally if you're looking for a "possible" move Counter to the direction established since the Regular Trading Hour session opened versus an outright Reversal.
One term suggests it might be a subtle move.
The other suggests a more dramatic turn of events.
Don't give it a name that gives it more power than it actually deserves.
Just being aware of a possible change during that 30 minute period that spans the end of the first hour after the RTH open [10:15 - 10:45 ET] should be enough to be aware of.
Then let the price action tell you what to do if you see something during that time.
Trade well,
John B.
R.I.P. John Bottomley (Botts), 1956-2022.
Please visit this thread for more information.
My bad.. It's the first set of words that came to my mind when recalling your screenshot. I mis-remembered it, and have obviously equivocated what I've accidentally been calling it to what it should technically be referred to as. I implicitly recognize that in that time period, opposing sentiment could enter the market.
Just a disclaimer: I also recognize that I am a bone-head, so there will be more of these kind of misunderstandings and mistakes on my part.
That's the one! A time for turkey, pie and alcohol. Also a time for thorough conversation. Any other trader here have a difficult time explaining what day trading is to a clueless relative? Despite that, I've had a great Thanksgiving.. I like trading more, though.
