High of the Day: Prior Day High
Morning Reversal at: Prior Day High at 3.54 am
US Market Open Move ended at: Camarilla H3 at 9.38 am
Low of the Day: Camarilla L3
Close of the Day: Prior Day High
Profit 00 Points Elliot Wave
Profit 30 Points eASCTrend & ART Trading System
Same as yesterday the early morning was pretty choppy so I waited like yesterday for the 5 am sell off, that did not happen instead a small 15 points rally occured, so I learned to not focus on direction but keeping the reversal times in mind and simply trade with the trend.
So the key in avoiding choppy times is simply to avoid entering trades that are a) no continuation trades e.g. not in trend direction or b) entered too late. What i also learned was to avoid setting stops to breakeven and only trailing stops at extreme poings (high low or the day or new signals) These guidelines allowed the automated strategy to turn a -300 EURO loss into a 750 EURO Profit for today.
Every friday there is a news release on 10 am, thats why I will skip the time from 9.30 till 10.02 am in the future.
What I also learned this week was to identify trend trades and just quick scalp trades by looking at the direction and the distance of the polygonal moving average in relatation to latest price bar: So when I see red bars under a red moving average and the bars are not far away from the line then its a low risk entry for a trend trade, if however the line is still green or the price bar is too far away from the moving average its probably not a valid entry.
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