What do we know? -VAH=1161.75; VAL=1158.50; POC=1160.25
-I will keep same areas of S/R; analyze overnight activity to find other areas or to reinforce the existing ones
-NPOC=1150.50; NPOC=1139.25
We have a pretty narrow VA (trades based on VA are a bit risky if we'll get a bigger range day). From 15 min volume profile chart we can see clearly the HVN, range in which we are stuck, or consolidating. I think if we'll break above the 1162.50 area will act as a strong S for a move higher; on the other side, if we go lower, the 1158.00 area will act as strong R.
From TA point of view, I see we start moving through a descending channel, but the real bearish signal will be the break from the ascending one, which I'm not gonna be surprised if it will coincide with S from HVN.
My trading plan is to not have any bias, let the IB to form, watch closely price action & volume around my areas of interest and fine tune my entries.
I'll analyze in detail and incorporate in my plan the activity from Globex session as well, how price reacted around my levels, etc. I need to develop my system to be able to trade the opportunities during the first hour.
Part of my trading plan for each day from now on is to include more elements from TA to fortify my edge & to choose better entry/exit locations.
Executing my plan with patience & discipline is my main focus for the day.
Note:
- analyze the Globex session & finalize your trading plan before the market opens
- being the market that we had lately I feel it's really important to take small profits when I can. It's better to take smaller profits right now & preserve capital than to fall into the trap of getting upset because I let the big trade get away. I'm smarter than that and I know better. Profits are profits.
Remember the last phrase and repeat it over & over every day.
have to remind this to me everyday until will become a habit
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