Feb 19, 2024
- I announced I would skip this for a good reason. We came from packed news about last week, followed by a bank holiday and Superbowl weekend, where most people are still hung up after the game. We also don’t have macroeconomic news that day, so I’m having difficulty seeing what could push this market to trade our strategy.
As it turns out, it’s a good time we skipped this, as ES just moved for 4 points; there’s no way any strategy would work with this kind of movement.
Feb 20, 2024
- After the market resumed at 6 pm CST, it immediately sold down, breaking the OTFU (one-time framing up) that we enjoyed since February 14. We entered right near the magenta. So, the plan was to either break the lows or find some support. Our levels did not disappoint. We intended to go down, then went back to magenta, a perfect BOPB.
If you saw my trade in our community, you will know I entered exactly here and made 20+ points on that single move.
I usually target two levels max as a conservative target, which is exactly what my target was, 2nd level after the initial entry.
Feb 21, 2024
Here's the fun part: What do we expect for the day? We have FOMC minutes, which are way different from FOMC that moves the market. So expect another range-bound market; watch out for magentas and 75%.
My prediction that I shared with my mentees are:
It is a bank holiday with no news for scalpers; we are in the accumulation phase from Monday to Tuesday (range bound). We will spike on Wednesday, and there will be a possible reversal or continuation on Thursday. And finally, Friday should just reset back to 5026 or do nothing.
That said, I just realized that I thought it was FOMC but not FOMC minutes, so our spike will come on Thursday, with a possible reversal on Friday.
Today will probably be a range bound, but should it break magentas, the break must convince you that you want to keep going short.