Quick prep the YM is at macro resistance. I'm looking for shorts down to 12820 area and then I will wait to see if we break or hold. The 12800 area is the line in the sand today.
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The YM almost turn at my line in the sand today. My prep and entries were good but my exits’ trading a single contract was not. I'm still a little under the weather so I'm trading one unit, but the thing I am also learning with one contract is how to extend my first exit. In the past I have taken my first target to soon and missed out on larger profits. My new rule when trading a single lot or first target is to wait for a change in the recko bar after we reach or move close to (% or ticks) 1st target. I have a great example today of not exiting..
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The YM is in correction mode. I'm watching two areas for exits if short and entries long if they hold, 12766 and 12686. Keep shorting until these areas’s hold.
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The YM has moved to full volatility of the last action leg over night. With this in mind I will be looking to go long if we pull back around 12700-12690 area. There is a small area at 12750 that could hold and keep the YM moving up, but that is almost to large of a move in a day. If 12750 breaks we could take shorts down to 12690-12670.
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