Another perfect day. Firing on all cylinders. As expected the market moved quickly down towards closing the gap once under the critical 54 handle. We shorted 53.75 down to 52.50.
Notice in the pre-market post I said that I felt things would get noisy and without conviction at least in the short run around the 51 handle. It did, so I limited my trade to a quick two tick scalp long off 51.75 into 52.25. Sorry I didn’t adjust the potential trade list to show that as I did that first prior to writing the commentary. But you will see I did say to limit it to a scalp in the commentary. Either would have been fine and as it turned out, you could have traded it back to the pint of control anyway.
I didn’t expect the market to sell off quite this fast but the 9:55 EST sentiment news was enough to push us down another leg so I sold the push under 50.50 and got filled at 50.25 trading into the restest of yesterday’s low at 48.50 coming out a little ahead of it at 49.25 for a quick point.
Finally, I faded yesterday’s low scalping long for two more ticks from 48.50 into 49. We almost NEVER take this many trades, but the market was really alive and behaving normally so we couldn’t help but take advantage. 4/4 winners today for a total of 3.25. Here is a snap of the first trade which was the only one we were waiting for and “expecting” to find if we moved down off the open. Check out the others on your own charts though and see if you can see why we took them…