Friday, May 19, 2023 4:01:39 PM
Risk management and taking small profits. Link back for entry.
The market is extremely efficient at taking out stop losses on days like today. You have to keep an open mind on price action, are they just stop loss hunting or is there a reversal in the making?
Price was still above all the previous areas of support. However there was a cup and handle pattern showing. The price bounced off another area of support from a prior swing low. All you can do it take the trade set up, the market has been bullish, so I am not as quick to go short as I was this morning when we had sellers present.
The market has been all about squeezing out the shorts, so that is a possibility here as well.
Again, I book the minimum 2pt scalp and set my runners to break even. Only about 15 minutes left in the day, so not the best time to rely on patterns, but risk management is a must.
4205 has been an area of resistance, need to squeeze up through that and hold above it.
Close of day another 12 pts added.
The market is extremely efficient at taking out stop losses on days like today. You have to keep an open mind on price action, are they just stop loss hunting or is there a reversal in the making?
Price was still above all the previous areas of support. However there was a cup and handle pattern showing. The price bounced off another area of support from a prior swing low. All you can do it take the trade set up, the market has been bullish, so I am not as quick to go short as I was this morning when we had sellers present.
The market has been all about squeezing out the shorts, so that is a possibility here as well.
Again, I book the minimum 2pt scalp and set my runners to break even. Only about 15 minutes left in the day, so not the best time to rely on patterns, but risk management is a must.
4205 has been an area of resistance, need to squeeze up through that and hold above it.
Close of day another 12 pts added.
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