Market overview ( am / CET)
- Asia, up 0.9 – 1.2%
- Europe, down 0.2 – up 1.0%
- Oil, up 0.1%
- Gold, neutral
- Bonds, neutral
Overall sentiment is mixed.
Several news events this morning.
Important price levels
- 2167-68. SR level + R1 + Friday’s high
- 2153-54. SR level + weekly PP
- 2137-38. Friday’s ETH low, near S1 weekly
Overnight tested higher grounds, but failed and fell below Friday’s VWAP towards the 53-54 level. Volume overnight was low. Upon the opening, price continues to chop around the weekly PP.
Small opening gap of 4 points, possibly to being filled today.
I don’t know what to expect, I have a small negative bias. It would not surprise me if today is going to be a range day.
I’ll see what the opening will look like and likely be trading pullbacks to the OR. Preferably shorts.
I had a pilot long half an hour before the open anticipating on a pullback to yesterday’s VWAP, which I closed with a small loss.
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Price dropped overnight towards the weekly PP. Taking a pilot long in anticipation of a pullback (setup 1). Reversing to short (setup 2) when price dropped after the opening. Loss of -2.25 points.
Price moves in my favour and makes a new low, then pulls back through the VWAP to the 53-54 area with lots of activity, stopped out. Loss of -2.5 points.
Price drops after making a double top and makes a higher low. $tick seems to get stronger which makes me doubt my bias. Price is chopping for an hour around the VWAP with $tick getting stronger. Price makes a new HOD, then pulls back into the 53-54 level again. Taking a long (setup 3). Price drops further and chops around VWAP. Stopped out. Loss of 3.5 points.
This is not my day, I stop trading for today with a total loss of 8.25 points. Chopped up in the 7 point range today.
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Market overview (12 am / 18.00 CET)
- Asia, up 0.4-0.5%
- Europe, down 0.2-0.5%
- Oil, up 2.1%
- Gold, down 0.1%
- Bonds, down 9/32
Overall sentiment is positive, US indices are up 0.5-1.0%.
Several news releases this morning, mainly positive.
Price is chopping sideways for a month now, below the Range of Boredom of the summer period.
Important price levels
- 2158. SR level + yesterday’s high
- 2150. OR low
- 2138. S1 weekly, ADR low
Overnight made higher highs. Price made a 5 point opening gap which is not filled sofar.
Price is chopping sideways sofar. It just touched R1 and chopping slightly below currently.
Daily range is 8 points sofar.
I’m expecting a continuation of the range with the 2158 on the upper side.
I will be looking for shorts from this level and be cautious with adding. On the downside, I’m expecting support at the OR low.
Just say- Next! Seriously- That's trading. We have to have bad days or there would be nothing to trade and nothing to learn from. If still searching for reasons, break the day down into pieces. An objective trader always sees validity in their opponents trade and respects it. I typically know when I'm "doing wrong" and have reasons why I continue. Usually I can look at the ACD system and know if I'm fighting then decide if I will continue to fight- range days make it difficult to know if you are onto something others haven't grasp yet or if you are set up for failure.... The suck for us fader/ Retracement guys.
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Right. Best advice is moving on and don't bother looking for indications too much.
Just as you rely on your "fighting feeling", I must learn to rely on my own "this is gonna be a range day" stomach feeling. Guess that's experience and why people refer to 10.000 hours of screen time.
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