High of the Day: R1 MidMorning Reversal at: Prior Day Close at 3.50 am
US Market Open Move ended at: S3Mid at 9.58 am
Low of the Day: S3Mid
Close of the Day: S1
Profit 40 Points Overbought & Oversold System
Profit 65 Points eASCTrend & ART Trading System
Only one good 5 Points long trade was in the morning session, as the polygonal regression channel was more than 10 points above the 200 ema no more buyers came in, in these conditions I am avoiding to trade.
Then as on every Wednesday a very trending crude oil and a breakdown in the stock market generated lots of points.
Today I learned to trade the manual decision points, as reversal bars and oversold on an indicator are alone not very useful, this is the main reason why automated systems fail, however by drawing in the support and resistance areas from yesterday and anticipating a bounce at those levels my trading I feel much more confident to take those trend change trades.
Still whats most important is trading at least 1 counter trend trade in the 4.30 to 6 am timeframe as well as 1 counter trend trade in the 10 to 11 am timeframe.
So the daily challenge is really to determine the trend after the open (3.10 am and 9.40 am) and then trend the countertrend trades or on very rare days let the trade run.
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