Due to the large gap on the open, I could trade the 1 minute chart on the open. The opening range (b1 to b8) had a failed Breakout with double bottom on b15.From there the price moved up three pushes to a wedge (W) at b30. This short could be held until the W reversal further in the day.
A reversal bar above a large gap is always a good trade for a scalp at least. Today, your scalp would have worked but your swing portion would be stopped out for breakeven. On days like this, many traders miss a good runner unless they re-enter on the 1 minute chart, which provided a W entry. Even on the 5 minute chart, a micro-W was clear due to the three spikes up.
The double bottom up down at b11,12 is a possible reversal, however with 5 bear bars against the buyer, it ended up working like a trading range. A short above which proved successful.
b18 technically was a W, but its signal and entry bars closed weak. This led to a further A2 short off b24 on a less than desirable looking signal bars.
b29 was a very strong wedge and was a great potential swing trade. So were the A2s at b40 and b65.
Shorting b22 and b55 proved profitable today, however in general these trades are dangerous. There was possibly a W reversal before b22 and b55 could have been a trap for one more leg up. These trades can be taken with lighter size only but leaving out lesser probability trades is the best option in the long run.
No comments:
Post a Comment