Many apologies for the late summary post today.
Alright here is the summary for today.
With no economic numbers tonight in the US, we had a nice range to trade as expected. We open at 1604 and closed at 1594 effectively giving us a 10 points range to trade.
Here are the levels for today.
Opened 1604.00 from yesterday's close of 1598.
High: 1604.50
Low: 1594.00
Close: 1594.00
Today totally reminded me of last Friday's gap up. From there, we just traded one way, which was down. It seems the Cash market have been stuck in this level for a long time.
Do you think that, perhaps, due to the election coming soon, people are taking the opportunity to sell some of their holdings in the cash market taking advantage of the current high price which in turn is causing it unable to break up? We really have been stuck in this range for a long time.
Please refer to the cash market chart below.
See the range we have been trading for the past 2+ weeks? still here basically..
For today's trade, if you had sold at near the open, then close, and waited for the rebound to 98-99.5 just before lunch, and sold again, you would have been in good profit.
Today was such a good day to trade but I did not use the right strategy in the morning which made me missed a big chunk of the good trades. I was caught long in the morning by sellers as I did not stick to my plan to enter after price tested 98 and entered at 1600.50 instead. I deserve a knock on the head to be honest. But in the afternoon, I reversed and shorted at 97.50 for a small scalp profit.
So tomorrow night we have economic numbers in the US.. expect a smaller and slightly range trading day.. we will see how the US market close tomorrow and I'll post the levels in the morning..
So night all! See you all tomorrow morning! Ciao!
Best Wishes,
Tech Trader
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