As we have continuously seen in recent past is that each retracement of 1 – 1.5% (25 – 30 handles) Bulls step in to “buy weakness”….Bears become “trapped shorts”…price rallies back to prior highs. This action is keeping the current up channel intact, and until there is a structure break, the trade strategy continues to be “buy the dips”.
Yesterday’s levels were spot on both sides..early short at 1848 followed by longs from 1833. Review prior day blog post: http://polaristradinggroup.com/tensions-build/
Overnight trade has price up +30 handles from prior lows into StatX-Zone retesting 1866 high. We’ll be looking for some “reactionary resistance” at the highs to trade short-side…High-Volume Node (HVN) at 1855 for cover and possible Longs…We expect the intra-day action to be generous in terms of price range and trade opportunities. The Algos have the
“news feeds” enabled, so any reports can be market moving…That said..We continue the “Trade the Numbas!”
We will update dynamic intra-day S&R Zones throughout the session.
I am at ease with controlled risk. I will risk and I will win. I am courageous. I will take a chance. I manage risk to my comfort level. Risk keeps me on my toes, keeps me alert and at the top of my game.