1/Nov/2023 $134.00usd in profit started trading 8.30 ended 12.20 est. High impact scheduled news and Fed's speech day. Not an easy day.
Market was in a range but as we have scheduled news i did not taked any direction decision. Will wait a few minutes after the news release.
After news we had a compressed price with a constant up filter but started making divergences the price vs momentum and when i saw a down volume divergence and momentum started building up i enabled the up grid direction.
Price reversed and was time to see the best opportunity to exit BE or with small profit.
On a retrace to up direction i was able to exit BE.
Then the price made a pullback and with last swing low volume extremly high 711% and momentum down (crossing to the up side but at extreme) so i taked the decision to enable the down grid direction.
Was a trap, the market started making a new higher high of the day and i knew this was very dangerous, so i paused the exit to collect more profit and be able to exit the grid BE for second time in the day.
After holding a loss of 1.2k the price returned to the down direction and i was able to exit with a small profit.
Holding the down gird direction but the market made a pause and stopped moved and i was looking to make some more profit and then exit the grid.
Price went compressed in a small range and was able to make a few more dollars so i stopped the grid trading for today.
Trading on high impact news or at Fed's important speech's is very dangerous for daily trading. The price action at relevant price levels mostly of trading time is random, with big/volatile/strong movements and that makes it hard to trade. Notice how the POC was respected, and how it is moving up as the price continues going up, this is the expected behavior.
Now the question, why to hold a loss of 1.2k today? well, there is a reason, i know is a BIG risk to hold a loss and fight the market (not do it are trader golden rules) and here comes the daily and M15 minutes charts where i see price levels, volume profile and after time i get stats from the daily ranges, and as we was at the top of the bar in daily range with a previous broken support level at weekly VP lower volume node i decided to hold the lose because there was a chance to get a price reverse and be able to recover. And it worked. May be is a risk no one must take included myself...
Have a great day!
AG
Market was in a range but as we have scheduled news i did not taked any direction decision. Will wait a few minutes after the news release.
 |
After news we had a compressed price with a constant up filter but started making divergences the price vs momentum and when i saw a down volume divergence and momentum started building up i enabled the up grid direction.
|
Price reversed and was time to see the best opportunity to exit BE or with small profit.
|
On a retrace to up direction i was able to exit BE.
|
Then the price made a pullback and with last swing low volume extremly high 711% and momentum down (crossing to the up side but at extreme) so i taked the decision to enable the down grid direction.
|
Was a trap, the market started making a new higher high of the day and i knew this was very dangerous, so i paused the exit to collect more profit and be able to exit the grid BE for second time in the day.
|
After holding a loss of 1.2k the price returned to the down direction and i was able to exit with a small profit.
|
Holding the down gird direction but the market made a pause and stopped moved and i was looking to make some more profit and then exit the grid.
|
Price went compressed in a small range and was able to make a few more dollars so i stopped the grid trading for today.
|
Trading on high impact news or at Fed's important speech's is very dangerous for daily trading. The price action at relevant price levels mostly of trading time is random, with big/volatile/strong movements and that makes it hard to trade. Notice how the POC was respected, and how it is moving up as the price continues going up, this is the expected behavior.
Now the question, why to hold a loss of 1.2k today? well, there is a reason, i know is a BIG risk to hold a loss and fight the market (not do it are trader golden rules) and here comes the daily and M15 minutes charts where i see price levels, volume profile and after time i get stats from the daily ranges, and as we was at the top of the bar in daily range with a previous broken support level at weekly VP lower volume node i decided to hold the lose because there was a chance to get a price reverse and be able to recover. And it worked. May be is a risk no one must take included myself...
|
Have a great day!
AG
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