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Published 3/2/16 3:20 pm central – Update on end of day long opportunity
On my last update today , I highlighted that new levels were formed and that a buying opportunity was presenting itself. As the theme of the day from my original email. I stated we would have some short term selling pressure but the overall favor is with the bulls. This is what we saw take place today. Bears had a chance to take control with the bearish EIA report but they were rejected. The 1968 range from yesterday held on, with a low of 1966.25. The basis of me getting out of my short was fear that the bears just wouldn’t have enough momentum to get through that level. Market Action Scanner also confirmed that you had to respect the bullish move with longer time frames favoring the bulls and the SP odometer being bullish green across the board. It made it easier for me to not be stubborn and be happy with any sized profit.
As mentioned, on that last update I pointed out a buying opportunity @ 1976 and sell zone @ 1969. For those who took the 1976 buy entry it looked promising vey quickly as we traded up to 1979 area. My target on this trade was partial at 1980 as that was the original buy stop to our short position. that was a level that needed to be broken for bulls to take momentum back. It did not hit that price and we sold off trading all the way down to 1969.25 and then grinded back to our entry. This gave traders the opportunity to scratch the position which I advised several traders do, but for those who were in the bull camp were rewarded as we did eventually break through the 1980 level at the end of the session and put in a high of 1984.75. Here is a chart highlighting that trade for educational purposes.
I know many people read these messages after the fact and that is ok. My goal is for you to see the tools I use and see how I approach the market. I want to help bring traders on board so they can get comfortable with the tools I used and gain confidence in executing the trades. Trading is difficult there is no crystal ball. So if you can find value in somebody who is doing this everyday then I encourage you to reach out to me and we begin working together. There is only so much I can say or do in email format.
We will see what happens in the overnight and will update everybody tomorrow
30 Min Chart highlighting position: (click for larger image)
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