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While the “mother bar problems” were an issue for a number of trading styles, those adept at trading both ways and with the patience to wait for great setups were rewarded handsomely. Though I was out of town, I provided one real time setup in the Discord on Thursday and one on Friday.
On Thursday it was as LAAF of the overnight high targeting the overnight low with runners for continuation. This setup was spotted 20 minutes after the open and played out 50 minutes later:
A second chance (and frankly safer) entry was offered on the back test of the IB high from below (red arrow)
There were very realistic targets WAY “down there”
It was time to cover and consider longs in the 6630-6635 range
Since it came back down I simply had to grab a long and it provided a great real-time example of my “hedging the edge” concept:
People get far too caught up in trading a single direction and with a single instrument. Last week was not the time to do so.
On Friday at 10am I posted I had a suspicion we would come back and make new low of day and then reversal back to the highs. Once the IB was set 30 minutes later, the setup only got better as it would also represent a LBAF of the IB low and target new high of day.
The two posts were at the orange arrows dead in the middle of range: and we can see the LBAF of the IB low did indeed produce new high of day and more:
I personally strive to take ONE trade per day at most. This higher volatility environment and two-way trading have provided amazing opportunities. Those two trades combined for nearly the entire week’s range. Patience and selectivity can make or break a PnL.
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