Trader Tip - Generally after a large move the previous day, look for the next day to “recover” by digesting the move and trading in a fairly tight, choppy range. This is a scalp only type day we should plan for unless proven otherwise.
Identified the overnight range and played long in live account off the bottom a couple time pre-market. Stopped out on first trade once the emotion hit after 0830 eco reports were announced. Got back in at 92’s once overnight low was taken out by a couple ticks and did not go lower. Held thru the open and scalped and scaled out. Pre-Market Result: +1.5
With another eco report due out at 1000, I was just looking for scalps with tight stops in place. Identified the PG area and worked my trades off of the pivot for 1-2 point profits and one point max stops. Once the emotion started to work its way out and new low was made (thinking stop run), I got back in long in 92’s (back to the ‘92’well again) and scaled out at 94’s 95’s and 97’s. Result: +9.5
Waited for short side trade 999-1001 area. Got in short just before 1100 in 99’s with stop above 1001 (overnight high). Still in scalp mode and scaled out in 97’s and flat once 96’s closed the trade. Result: +4.0
The market put on a nice “bender” yesterday and due to internet connection problems I was having, was unable to belly-up to the “bar”. Made up for some of it today with some good scalp trades and a good feel of market “rhythm” in AM session. Not trying to do too much and taking advantage of Mr. Market’s “morning after hangover”.
Trade Well !
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