Trade US session open; SPI scalp buy +15 pts
by, 5th-October-2015 at 07:53 PM (263 Views)
This was a scalp only due to the time in SYD being 11:30 pm US open,
and I didn't think I'd be awake long enough for a swing trade ( ashame !)
Anyway, that was my trading plan, and I stuck to it.....
I traded more than usual on this trade as I saw it as a rare opportunity.
The move down leg C correction was very climactic to watch forming in minutes, I thought it was un-sustainable...As scary as it seemed to buy it,
the things I look for lined up well.
1. the ABC correction was symmetrical in points being leg A -83, and leg C -89 ( overshot my target buy area slightly)...
2. Formed a more minor double bottom
3. a micro double bottom formed with some two sided trading showing buying was about equal to selling in a narrow trading range.
I thought there would be at least a scalpers profit of up to 20 points.
I wasn't looking for it to be the bottom of the move.....the fact it was
makes me think I should swing a portion in the future for further gains,
but my golden rule of day trading is not to sleep through a trade. Also,
with a long weekend ahead I definitely don't hold over a weekend due to gaps in the market possible on re-opening Monday. I'm a day trader, I look for 20 points per day or more if possible.
start from bottom of images and work back up to top images for correct order of analysis
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