What do we know?
-VAH=1162.50; VAL=1158.75; POC=1161.50
-initial R=1163.50; R1=1165.25; strong R=1173.00
-initial S=1157.50; S1=1155.75; S2=1152.00; S3=1149.00; strong S4=1145.50
-NPOC=1150.50; NPOC=1139.25
-be aware that along the way we could find some other areas of S/R
-settlement=1161.00
-be aware of weekly MP levels
-be aware of the unfilled gap
Econ news:
-8:30 core CPI high
-8:30 unemployment claims high
-8:30 CPI m/m medium
-8:30 current account medium
-10:00 philly fed manufacturing index high
Continuation to new highs or pullback, I have to be prepared for both scenarios.
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.
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